Key facts
- Global banks tested tokenized money for cross-border payments.
- The pilot was led by the Bank for International Settlements (BIS).
- Real cross-border payments were settled using tokenized assets.
- Tokenized central bank reserves and commercial bank deposits were used.
- The pilot involved six different currencies.
- Approximately $1 million was transferred during the pilot.
- The transactions were completed in about 80 seconds.
A significant pilot program led by the Bank for International Settlements (BIS) has demonstrated the successful settlement of real cross-border payments using tokenized money. Major global banks participated in the initiative, which involved tokenized central bank reserves and commercial bank deposits across six different currencies. The pilot processed approximately $1 million in transfers, completing the transactions in about 80 seconds. This achievement highlights a potential new avenue for more efficient and faster international financial transactions, moving beyond traditional correspondent banking systems. The use of tokenized assets aims to streamline the complex processes currently involved in cross-border payments, reducing settlement times and operational costs.