According to Deep Tide TechFlow, on November 21, UBS and Deutsche Bank announced their participation in the European Central Bank's wholesale DLT settlement experiment, simulating interbank tokenized deposit payments.
The Deutsche Bundesbank's Trigger solution links blockchain systems to the Trigger Chain to initiate payments in central bank currency on the Target2 payment system. Tokens are destroyed on the sending blockchain and minted at the receiving bank.
The experiment includes two simulations, one for time-sensitive euro payments and the other for a transaction between Deutsche Bank's London branch and Switzerland's UBS Group involving British pounds and Swiss francs, settled in euros.