According to TechFlow, on November 21, UBS and Deutsche Bank announced their participation in the European Central Bank's wholesale DLT settlement trial to simulate interbank tokenized deposit payments.
The German central bank's Trigger solution enables blockchain systems linked to the Trigger Chain to initiate payments in central bank currency on the Target2 payment system. The tokens are destroyed on the sending blockchain and minted at the receiving bank.
The trial included two simulations, one for a time-sensitive euro payment and another for a pound and Swiss franc transaction between Deutsche Bank AG in London and UBS AG in Switzerland, settled in euros.