Mastercard has executed its first live test of the Mastercard Multi-Token Network (MTN) involving tokenized deposits and tokenized assets in collaboration with Standard Chartered Bank Hong Kong (SCBHK) and subsidiaries. Mastercard introduced MTN in mid-2023.
This proof of concept was completed as part of the Hong Kong Fintech Supervisory Sandbox. It involved a client of Standard Chartered’s Hong Kong digital bank, Mox Bank, buying a carbon credit. Mox requested SCBHK to tokenize the carbon credit, a task executed by Libeara, the tokenization platform incubated by Standard Chartered’s SC Ventures. Mastercard’s MTN was used to tokenize the deposit and execute an atomic swap between the tokenized deposit and the carbon credit. Ultimately the Mox client received the tokenized carbon credit in their wallet.
“Using the Mastercard MTN, Mastercard is energized to partner with industry-leading players like SCBHK, Mox and Libeara to develop real-world applications that reshape how consumers and businesses connect, interact, and transact,” said Helena Chen, Mastercard managing director, Hong Kong & Macau.
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