The project used a version of the DDP’s Champion Model. In it, a simulated central bank issued CBDCs to an intermediary bank, which provided access to it to Western Union (WU) for remittance to a BDO Unibank customer in the Philippines. WU used a decentralized exchange (DEX) to trade a dollar CBDC for a Philippine peso CBDC at a real-time rate set by a third-party oracle. WU received payment confirmation and transferred the amount to the bank customer’s account.
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