- The SNB Chair talks about asset tokenization as a substitute for CBDC.
- Using tokenized bonds, Project Helvetia III tests wholesale CBDC.
- SNB investigates the RTGS connection and backed digital currency.
Leading the charge in incorporating state-of-the-art technology within the financial industry is the Swiss National Bank (SNB). SNB Chairman Thomas Jordan announced the bank’s strategic shift to asset tokenization at a recent summit in Basel.
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Leading the charge in incorporating state-of-the-art technology within the financial industry is the Swiss National Bank (SNB). SNB Chairman Thomas Jordan announced the bank’s strategic shift to asset tokenization at a recent summit in Basel.
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Tokenization of Assets Above CBDCs
Helvetia III is a live pilot project in which participating banks settle tokenized bond transactions on the SIX Digital Exchange (SDX) using Swiss franc wholesale central bank digital currency (CBDC).
Chair Jordan underlined how crucial it is to settle transactions using money from the central bank in order to preserve financial stability. He emphasized how the SNB was a trailblazer in using blockchain technology to boost the financial markets’ operational effectiveness.
“If the tokenisation of assets becomes mainstream, settlement in central bank money will be crucial. This will allow central bank money to maintain its essential role as the anchor of the monetary system and to continue to serve as a safe means of payment,” Jordan stated.
Helvetia III is a noteworthy advancement in SNB’s digital innovation. It has successfully facilitated numerous bond issuances and secondary market transactions since its founding in December 2023. This is a significant step toward proving the usefulness of wholesale CBDCs in a practical setting.
In addition, Chairman Jordan covered alternatives to the wholesale CBDC settlement system. These included tying tokenized asset platforms into the Swiss RTGS system and using token money that has been privately issued and is fully backed by sight deposits at the SNB and bankruptcy-protected.
While each approach presents unique governance challenges, they all work toward resolving financial market fragmentation.
The SNB is responding to technological advancements with initiative by looking into tokenization and its possible effects on monetary policy and financial stability. The SNB seeks to identify the best practices for implementing these technologies by evaluating their advantages and disadvantages. Its goal is to make sure that innovation is in line with its mandate to uphold financial and monetary stability.
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