Commercial Bank of Dubai has joined Germany’s CBMT tokenized deposit project, becoming the first participating bank from outside Europe, according to Techub News. The bank will enter the CBMT Sandbox to test corporate cross-border payments, trade settlement, cash management and working capital optimization across the Europe-Gulf corridor. CBMT is backed by the German banking sector, with participants including Commerzbank, UniCredit, BNP Paribas and ABN AMRO. The project focuses on tokenizing commercial bank deposits for on-chain settlement, while keeping the related assets on the issuing bank’s balance sheet. That structure sets it apart from stablecoins issued outside the banking system. The report cited Wu Blockchain.
Commercial Bank of Dubai has joined Germany’s CBMT tokenized deposit project, becoming the first participating bank from outside Europe, according to Techub News.
The bank will enter the CBMT Sandbox to test corporate cross-border payments, trade settlement, cash management and working capital optimization across the Europe-Gulf corridor.
Participants and settlement structure
CBMT is backed by the German banking sector. Participants include Commerzbank, UniCredit, BNP Paribas and ABN AMRO.
At the center of the project is the tokenization of commercial bank deposits for on-chain settlement. The related assets remain on the issuing bank’s balance sheet, which distinguishes them from stablecoins issued outside the banking system.
The report cited Wu Blockchain.
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