Global banks test tokenized money for cross-border payments in $1 million BIS pilot
Twenty-eight banks, including JPMorgan, Citi and UBS, moved real money across borders in a live test of blockchain-based settlement.
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Summary
- A group of major lenders settled real cross-border payments using tokenized central bank reserves and commercial bank deposits across six currencies in a major test of the technology stack.
- The test processed about $1 million in transfers through 30 transactions that settled in roughly 80 seconds on a shared ledger, improving traceability while operating alongside existing payment systems.
- By enabling simultaneous foreign-exchange settlement and a single shared record of ownership, the project aims to reduce risks and costs in cross-border payments as part of a broader shift toward tokenized financial assets.
