Global banks test tokenized money for cross-border payments in $1 million BIS pilot

CryptoInfo Editorial Team · Published on July 30, 2026 at 17:34 · Updated on July 30, 2026 · 1 min read

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Key Takeaways

→Twenty-eight global banks participated in the BIS pilot to test tokenized money for cross-border payments.
→The pilot involved the transfer of real money across borders using blockchain-based settlement.
→Major banks such as JPMorgan, Citi, and UBS were among the participants in the $1 million pilot.

Disclaimer: This content is provided for informational purposes only and does not constitute financial or investment advice.

A recent pilot conducted by the Bank for International Settlements (BIS) has seen twenty-eight global banks, including major institutions such as JPMorgan, Citi, and UBS, participate in a live test of blockchain-based settlement for cross-border payments.

The pilot, which involved the transfer of real money across borders, aimed to test the feasibility of using tokenized money for international transactions. This is based on reporting from CoinDesk.

The use of blockchain technology in this context could potentially simplify and accelerate cross-border payments, which are often complex and time-consuming due to the need for intermediaries and currency conversions.

Source: CoinDesk ↗