According to Investing.com, the Swiss National Bank advances the third phase of the Helvetia CBDC pilot program

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The Swiss National Bank (SNB) is conducting a groundbreaking Phase 3 pilot of Helvetia, marking a major transition from experimentation to actual implementation of central bank digital currencies (CBDC). The initiative, spearheaded by Swiss National Bank Chairman Thomas Jordan and SIX Digital Exchange, will enable real bond trades to be settled using digital currencies via a distributed ledger technology (DLT) platform.

From December 2023 to June 2024, six banks, including Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank, Hypothekarbank Lenzburg, UBS and Zürcher Kantonalbank, will facilitate the trading of these bonds to issuers, operators and investors. The bonds will be tokenized and settled on a wholesale CBDC with delivery and settlement via SDX, a regulated DLT-based infrastructure being piloted.

This innovative project builds on the research results of the Helvetia project of the BIS Innovation Centre, the Swiss National Bank and SIX. It aims to securely and efficiently settle transactions of tokenized assets using a true wholesale CBDC on a regulated DLT platform. The SIC and SIX SIS infrastructure will be used to tokenize central bank currencies and integrate with their respective traditional bond settlement infrastructure.

In addition to bond trading, the pilot will also explore the trading and settlement of wholesale CBDC repo transactions initiated on the CO:RE trading platform. These transactions are collateralized by digital bonds eligible for SNB repo transactions and will be settled on SDX in wCBDC and managed by 6 SIS third-party agents.

SIX CEO Jos Dijsselhof hailed the pilot as a groundbreaking leap in tokenizing central bank currency operations.

This article was created and translated with the help of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.

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