The central banks of Thailand, the UK and Singapore have completed trials synchronizing traditional real-time gross settlement systems with platforms based on distributed ledger technology. The Project Meridian FX APAC trials enabled both legs of a foreign-exchange trade to settle simultaneously across different technologies through a payment-versus-payment mechanism. A synchronization prototype developed by Partior aimed in particular to reduce Herstatt risk, the risk that one party fails to deliver its currency after receiving the other side’s currency. The trials also addressed multilateral netting and liquidity efficiency in a market where daily global foreign-exchange transaction volumes exceeded $1.4 trillion in 2025. The Bank of England plans to launch a live synchronization interface in 2028 to enable settlement between tokenized assets and traditional forms of central bank money.
Source: Read the original article
