The UDPN, which was introduced in Davos last year, aims to provide interoperability for digital currencies, such as CBDCs and stablecoins.

After collaborating with more than 25 international commercial banks, central banks, and tech firms, the network has opened its sandbox to members, allowing them to test pre-existing use cases and create new, custom use cases while also learning about digital currency technology.

Commercial and central banks receive a safe space to manage and grant other organizations inside their ecosystems permissioned access. A variety of digital currency technologies are available in the sandbox, such as purpose-bound money, stablecoins, tokenized deposits, retail and wholesale CBDC, security and bond tokenization systems, and tokenized deposits.

Complete retail CBDC systems are also included enabling banks to test third-party access APIs, wallet and transaction management, issuance, circulation, and quota management.

"With the All-in-One Digital Currency Sandbox, we are making a significant leap in digital currency deployment," states Marika Lulay, CEO of UDPN contributor GFT. Banks are given a strong platform for collaboration and innovation. Our investigation of various digital money technologies is the first step toward building the financial infrastructure of the future.