The Swiss city of Basel recently settled a series of tokenized bonds using a wholesale central bank digital currency (WCBDC) as part of Helvetia III, a WCBDC pilot program. The system is designed to prioritize efficiency, as having on-chain funds bypasses the need for reconciling transactions with a private bank account.
Basel Issues Tokenized Bonds Settled Using a Wholesale CBDC
The city of Basel in Switzerland has achieved a milestone by completing what might be the first regulated settlement of tokenized bonds in a production environment. As part of the Helvetia III wholesale central bank digital currency (WCBDC) pilot program, the city issued a tokenized bond via the Basel Cantonal Bank that was settled using a WCBDC.
The issuance, valued at almost $120 million, was managed by the Swiss National Bank and the SIX digital exchange, the entity in charge of tokenizing the Swiss francs for the transactions. Using on-chain money is said to make these transactions cheaper and more efficie
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