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Some of the world's biggest banks have completed real cross-border payments using tokenized money in a test led by the Bank for International Settlements, demonstrating that blockchain-based settlement is moving from theory to practice.
Twenty-eight banks, including JPMorgan, Citi and UBS, moved real money across borders using tokenized central bank reserves and commercial bank deposits across six currencies. The test processed about $1 million in transfers through 30 transactions that settled in roughly 80 seconds on a shared ledger.
Faster, More Transparent Settlement
The pilot improved traceability compared to traditional correspondent banking, while operating alongside existing financial infrastructure rather than replacing it. The BIS has been exploring how tokenized wholesale money could make cross-border payments faster and cheaper for years, and this test represents one of the most concrete demonstrations to date.
Traditional cross-border payments can take days to settle and pass through multiple intermediary banks, each adding costs and delays. The tokenized approach compresses that chain into a single shared ledger where transactions settle in seconds.
Tokenization Momentum Builds
The pilot adds to a growing wave of tokenization adoption across traditional finance. Tokenized real-world assets climbed nearly 50% to $31 billion in the first half of 2026, with institutions primarily adopting tokenized Treasuries, money market funds and private credit.
The BIS test focused on wholesale cross-border payments — the large transactions between banks that underpin international finance — rather than retail payments. But the technology could eventually reduce costs and settlement times for consumer remittances as well.
