Australian fintech company Monoova has successfully completed the first cross-border settlement using the Central Bank Digital Currency (CBDC) in the Australian CBDC pilot project. The pilot was established last year to explore potential use cases and economic benefits of a CBDC in Australia.

Monoova’s use case explores cross-border settlement and custody, and has been established with an existing FX client, NexPay. The live demonstration involved settling the domestic leg of an inbound FX remittance payment using Monoova's pilot CBDC wallet. This marks the first use of the pilot CBDC to settle a real-world, cross-border payment.