According to CoinMeta, the International Settlement Bank (BIS) project completed a $1 million pilot of tokenized cross-border payments, involving 28 financial institutions and central banks. This pilot used tokenized central bank reserves and commercial bank deposits to settle transactions worth approximately 800,000 Swiss francs in six currencies: Swiss franc, euro, British pound, Japanese yen, South Korean won, and US dollar. The average settlement time was about 80 seconds. Participating institutions included the Bank of England, Banque de France, Bank of Japan, Bank of Korea, and the Swiss National Bank, as well as commercial banks such as JPMorgan Chase, Citibank, and Deutsche Bank. Launched in 2024, the project aims to explore how tokenized commercial bank deposits and central bank reserves can improve cross-border wholesale payments.