Deutsche Bank and UBS have completed the tokenized deposit payment settlement using the Trigger solution of the German Central Bank

According to Ledger Insights, UBS and Deutsche Bank announced that as part of the European Central Bank's wholesale DLT settlement trial, they simulated tokenized deposit payments between banks.

The Trigger solution from Bundesbank (German Central Bank) enables blockchain-based systems to link to the Trigger Chain, thereby initiating payments on the Target2 payment system with central bank money. In terms of tokenized deposits, tokens are destroyed on the sending blockchain and minted at the receiving bank.

Two trials were conducted in total. One involved time-sensitive euro payments. The second simulated transactions between Deutsche Bank's London branch and Swiss UBS Group in pounds sterling and Swiss francs, these transactions used euros for settlement.