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Major banks settle cross-border payments with tokenized money in BIS pilot
The pilot, run by the BIS and partners, processed about $1 million across six currencies in roughly 80 seconds on a shared ledger, using tokenized central bank reserves and bank deposits.
CoinDesk reports that a group of major lenders completed a live cross-border payments test using tokenized money as part of a pilot led by the Bank for International Settlements (BIS), signaling how tokenization could be integrated into global payment infrastructure.
According to CoinDesk, the test involved 28 banks including JPMorgan, Citi, UBS, Deutsche Bank, and Standard Chartered, and moved roughly $1 million, or CHF 800,000, in transfers across six currencies: U.S. dollars, euro, British pound, Japanese yen, Swiss franc, and South Korean won.
CoinDesk says the pilot processed the activity through 30 transactions that settled in about 80 seconds on a shared ledger. The system was designed to improve traceability while operating alongside existing payment systems, and it used tokenized central bank reserves and commercial bank deposits to settle corporate and interbank payments along with foreign-exchange settlements.
CoinDesk also notes the project is part of a broader shift toward tokenized financial assets, while exploring whether the same technology can modernize how banks move money internationally. It is framed as distinct from stablecoins, which are typically issued by private sector providers, and instead focuses on tokenizing traditional bank money.