Bitt and the Stellar Development Foundation were selected as finalists in Singapore's Global CBDC Challenge to develop a retail central bank digital currency solution using Bitt's Digital Currency Management System integrated with the Stellar network.
Bitt and the Stellar Development Foundation have been announced as one of 15 finalists in the Monetary Authority of Singapore's Global CBDC Challenge, competing among over 300 submissions from 50+ countries. The partnership integrates Bitt's market-proven Digital Currency Management System with the Stellar network to provide central banks with a complete CBDC solution including issuance, management, and transaction capabilities on a public blockchain. Stellar's existing infrastructure for asset issuance, interoperability, and compliance tools positions it as a suitable platform for CBDC deployment. The finalists will advance to an acceleration phase and present live solutions at the Singapore FinTech Festival in November 2021. This recognition validates Stellar's role in enabling central banks to transition to digital currencies while maintaining control and leveraging existing financial ecosystems.
