According to 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 German central bank's Trigger solution links the blockchain system to the Trigger Chain, initiating 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 transactions in pounds and Swiss francs between Deutsche Bank's London branch and UBS Group, settled in euros.