The Bank for International Settlements has completed a tokenized cross-border payments pilot with 28 commercial banks, according to CoinDesk. JPMorgan, Citigroup and UBS were among the institutions that used a shared ledger to complete 30 transactions in about 80 seconds, settling roughly $1 million across six currencies. The project used tokenized central bank reserves and tokenized deposits to enable synchronized foreign exchange settlement, with funds placed on a shared ledger that recorded shared ownership. BIS said the prototype showed potential to improve traceability and reduce costs, while also reflecting a broader move by traditional finance toward tokenized assets. The pilot adds another live example of how major banks and public-sector institutions are testing shared-ledger infrastructure for cross-border settlement flows.
The Bank for International Settlements, or BIS, has completed a tokenized cross-border payments pilot with 28 commercial banks, according to CoinDesk. JPMorgan, Citigroup and UBS were among the participants.
Using a shared ledger, the institutions completed 30 transactions in about 80 seconds, settling roughly $1 million across six currencies.
The project used tokenized central bank reserves and tokenized deposits to carry out synchronized foreign exchange settlement. Funds were placed on the shared ledger, which recorded shared ownership.
BIS said the prototype showed potential to improve traceability and lower costs. It also pointed to a broader shift in traditional finance toward tokenized assets.
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