The Bank for International Settlements (BIS) said elements of DeFi could underpin the next wave of financial market infrastructure.

Project Mariana, the BIS's wholesale central bank digital currency (CBDC) pilot, has now concluded, according to a report released Thursday. The project tested the cross-border trading and settlement of CBDCs between financial institutions, using innovations derived from DeFi.

"DeFi elements tested in the project, specifically automated market makers, could form the basis for a new generation of financial market infrastructures," the BIS Innovation Hub stated.

Cross-border wholesale CBDC settlement

The report described how it "borrowed ideas and concepts from decentralised finance." It added that studies were carried out to discern whether automated …