BNY and Citadel Securities completed a tri-party repo transaction on the Tradeweb platform using tokenized U.S. Treasury collateral. The tokenized securities were recorded on BNY’s private ledger, reducing settlement time to minutes rather than T+1.
推荐理由：The article compares this transaction with the broader repo market, showing the efficiency and interoperability constraints of tokenized collateral as it extends from settlement into financing.
SWIFT's new blockchain ledger does not replace banks' internal systems or existing settlement arrangements. To connect to it, banks need a permissioned ledger, digital asset wallets, and tokenization and smart contract capabilities. The ledger is used to orchestrate around-the-clock transfers of cross-border tokenized deposits. HSBC, Standard Chartered, DBS, and Citi have completed real-time transactions, with some payments settling within minutes over weekends.
推荐理由：The article clarifies the division of responsibilities between the SWIFT blockchain ledger and banks' internal systems, and shows the infrastructure layers required to support 24/7 cross-border tokenized deposit payments.
ECB Executive Board member Piero Cipollone said that the ECB is extending central bank money to retail payments and tokenized wholesale finance through the digital euro, Pontes and Appia. The digital euro pilot is planned to launch in the second half of 2027 and run for 12 months. If the legislative process is completed by the end of 2026, the ECB aims to be ready for the first issuance in 2029. Pontes was launched on September 21 to settle tokenized assets in central bank money, with full implementation expected by mid-2028.
推荐理由：The speech places the digital euro and tokenized settlement within the same strategic framework, and sets out the timelines and institutional objectives for the pilot, issuance readiness, Pontes and Appia.
The ECB Governing Council approved the initial launch protocol for Pontes, enabling wholesale transactions in tokenized assets to settle in central bank money, with the initial phase scheduled to launch on September 21. The ECB also approved an assessment of the feasibility of interconnecting TIPS with Brazil’s instant payment system Pix, and designated Visa Europe Payment System as a systemically important payment system, with oversight led by the ECB.
推荐理由：The ECB’s initiatives cover two main areas: settling tokenized assets in central bank money and assessing TIPS–Pix interconnection, alongside the supervision of Visa Europe Payment System, spanning wholesale settlement and payment network governance.