BIS Pilot Succeeds: 28 Banks Complete Cross-Border Tokenized Fund Transfers

28 banks from around the world have completed a pilot project initiated by the Bank for International Settlements (BIS), successfully transferring $1 million across borders using a blockchain-based settlement system. This milestone marks a significant step towards increasing efficiency and reducing costs in international fund transfers.

The participating banks, including JPMorgan, Citi, and UBS, utilized tokenized funds to facilitate the transfer. Tokenization involves representing assets, such as cash or securities, digitally on a blockchain.

This pilot project is part of BIS's efforts to promote innovation in financial services while maintaining stability and security.