On November 21, as part of the European Central Bank's wholesale DLT Settlement trial, UBS and Deutsche Bank announced that they simulated tokenization deposit payments between banks, according to a message from Deepflow TechFlow.

The Trigger solution from the Central Bank (Bundesbank) of Germany enables blockchain-based systems to connect to the Trigger Chain, thereby initiating payments in Central Bank currency on the Target2 payment system. As for tokenized deposits, the tokens are destroyed on-chain when sent and minted at the receiving bank.

There were two experiments conducted in total, one involving time-sensitive Euro payments. The second simulated transactions between Deutsche Bank London Branch and UBS Group in Pound Sterling and Swiss Franc, with Settlement in Euro.