FedNow: The Latest Precursor to Central Bank Digital Currency

JP Morgan Chase and 40 other US banks are testing the Fed's new instant payment infrastructure called FedNow. According to a new Fed press release, 41 banks and 15 service providers are wrapping up FedNow test trials ahead of an official launch in July. The Fed Reserve says it plans to increase the number of banks using FedNow this year in the years to come until all 10,000 have been adopted by the technology.