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

60-second summary

Twenty-eight banks, including JPMorgan, Citi, and UBS, are testing tokenized money for cross-border payments in a $1 million Bank for International Settlements pilot. The live test involves moving real money across borders using blockchain-based settlement, aiming to reduce transaction costs and increase efficiency. This development could significantly improve global payment systems.