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Global Banks Test Tokenized Money in $1 Million BIS Pilot for Cross-Border Payments

July 30, 202602:34 PM
Global Banks Test Tokenized Money in $1 Million BIS Pilot for Cross-Border Payments

Twenty-eight global banking giants, including JPMorgan, Citi, and UBS, successfully moved real money across borders using blockchain-based settlement in a live pilot program coordinated by the Bank for International Settlements (BIS) valued at $1 million. This milestone marks a significant advancement in traditional finance's adoption of digital assets, demonstrating the viability of blockchain-based settlement solutions to reduce costs and accelerate cross-border transactions. The BIS pilot signals a potential transformation of the global financial system, where tokenized money could emerge as an efficient alternative to traditional payment networks.

This is a summarized and adapted version by Artificial Intelligence. To read the complete original story, visit the official source.

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