The US Federal Reserve has clarified that the FedNow service, a brand new service for immediate funds between organizations, has nothing to do with the US Federal Reserve. Central Financial institution Digital Forex (CBDC).

The Fed stated 41 monetary establishments, 15 service suppliers, and the U.S. Division of the Treasury had deployed the FedNow service to check the system forward of its launch by the tip of July 2023, certifying it as “prepared.” Nevertheless, central banks wanted to make clear that guarantees of on the spot fiat funds and real-time gross settlement (RTGS) weren’t backed by CBDCs.

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