Deutsche Bank and UBS use the German central bank's Trigger solution to complete tokenized deposit payment settlements

2024-11-21 16:24:40

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ChainCatcher news, according to Ledger Insights, UBS and Deutsche Bank announced that as part of the European Central Bank's wholesale DLT settlement experiment, the two parties simulated tokenized deposit payments between banks.

The Bundesbank's Trigger solution enables blockchain-based systems to connect to the Trigger Chain, allowing payments to be initiated in central bank money on the Target2 payment system. In terms of tokenized deposits, tokens are destroyed on the sending blockchain and minted at the receiving bank.

A total of two experiments were conducted, one involving time-sensitive euro payments. The second simulated transactions in pounds and Swiss francs between Deutsche Bank's London branch and UBS Group in Switzerland, with these transactions settled in euros.

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Deutsche Bank UBS German Central Bank

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