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The Federal Reserve Bank of New York, in collaboration with the BIS Innovation Hub, suggests tokenized assets—not CBDCs—could redefine monetary policy. Their Project Pine report highlights smart contracts as key tools for future financial operations. This shift emphasizes liquidity management over retail-focused digital currencies.
- Project Pine prototypes use smart contracts for central bank operations like repo agreements and collateral management, avoiding CBDCs.
- The system centralizes control with the Fed as the sole 'oracle,' contrasting DeFi's decentralized model but simplifying execution.
- Tokenized real-world assets (e.g., $22B RWA market) signal institutional adoption, aligning with the Fed's vision for modernized finance.
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Other Tags: VanEck, Central Bank Actions, DeFi, ERC-20, Federal Reserve System, Swiss National Bank (SNB), TradFi