🚀 German State Issues €50 Million Commercial Paper Using Blockchain Platform
#Germany #SaxonyAnhalt #CommercialPaper #Blockchain #DeutscheBörse #Clearstream #DLT #EuropeanCentralBank #WholesaleSettlement #Target2
According to Odaily, the Ministry of Finance of Saxony-Anhalt in Germany has issued €50 million worth of commercial paper using Deutsche Börse's Clearstream D7 platform. This issuance is part of the European Central Bank's wholesale DLT settlement experiment. Jens Hachmeister from Clearstream stated that the transaction was settled using the German central bank's trigger payment solution. The trigger solution is designed to interoperate with blockchain to support DLT payments, triggering payments on the TARGET2 real-time gross settlement system.#Germany #SaxonyAnhalt #CommercialPaper #Blockchain #DeutscheBörse #Clearstream #DLT #EuropeanCentralBank #WholesaleSettlement #Target2
🚀 Siemens Utilizes Blockchain For Tokenized Commercial Paper Settlement
#Siemens #Blockchain #Tokenization #CommercialPaper #CryptoSecurities #JPMorgan #Onyx #SWIAT #DigitalAssets #FinancialTechnology #DekaBank #TradFi #DeFi #AssetTransfers
According to CoinDesk, German industrial giant Siemens AG has utilized JPMorgan's blockchain-based payment system Onyx and SWIAT's private blockchain to issue and settle a tokenized version of its commercial paper. The companies announced on Monday that Siemens issued €100,000 worth of crypto securities under the German Electronic Securities Act (eWpG) on September 13 and redeemed it three days later. The payments were conducted on the Onyx network using the JPM Coin System, while asset transfers were settled on the SWIAT network's delivery-versus-payment (DvP) mechanism.
The entire process took 93 seconds from the confirmation of the trade by the parties on SWIAT to the final confirmation of settlement, indicating that asset and payment transfers were completed. DekaBank also participated in the transaction, acting as a regulated crypto securities registrar on the SWIAT network. This transaction marks the beginning of a collaboration between Onyx and SWIAT to develop asset issuance products on blockchain rails for commercial banks. Their goal is to shorten value chains, increase transaction flexibility and speeds, and ultimately make financial transactions via blockchain rails scalable for commercial banks.
Tokenization of traditional financial instruments, or real-world assets (RWA), has been a rapidly growing area for blockchain technology, with significant involvement from major banks. JPMorgan has been a leader in this space with Onyx and its JPM Coin blockchain-based settlement technology. Transactions with JPM Coin have surged after introducing programmability to the network, reaching multiple billions of U.S. dollars on some days, according to Umar Farooq, head of Onyx by JP Morgan, during a panel discussion at Consensus 2024. JPMorgan CEO Jaime Dimon, while acknowledging the bank's extensive use of blockchain, has been critical of cryptocurrencies, referring to them as "pet rock" on multiple occasions.#Siemens #Blockchain #Tokenization #CommercialPaper #CryptoSecurities #JPMorgan #Onyx #SWIAT #DigitalAssets #FinancialTechnology #DekaBank #TradFi #DeFi #AssetTransfers
🚀 Intesa Sanpaolo Issues €10 Million Commercial Paper Using Clearstream's D7 Platform
#IntesaSanpaolo #Clearstream #D7Platform #CommercialPaper #TIPS #Hashlink #EuropeanCentralBank #WholesaleDLT #Settlement #DigitalBond #CassaDepositiEPrestiti #FinancialTransactions #CentralBanking #Tokenization #HTLC
According to Odaily, Intesa Sanpaolo, an Italian bank, has issued €10 million in commercial paper utilizing Clearstream's D7 tokenization platform. The bank also acted as the investor in this transaction, settling it through the TIPS Hashlink solution provided by the Bank of Italy. This method is part of the European Central Bank's (ECB) experiment with wholesale DLT settlement in central bank money, offering three payment options.
Instead of using on-chain cash, the transaction was settled via the TIPS payment system, a leading instant payment solution in Europe, using the Hashlink interoperability mechanism, also known as hash time-locked contracts (HTLC). This transaction marks the second instance of using the TIPS Hashlink option since the ECB's pilot began in May, which is set to conclude at the end of this month.
The previous transaction involved a €25 million digital bond issued by Italy's Cassa Depositi e Prestiti (CDP) in July, with Intesa Sanpaolo serving as both the underwriter and sole investor. This ongoing pilot by the ECB aims to explore the potential of distributed ledger technology in enhancing the efficiency and security of financial transactions within the central banking system.#IntesaSanpaolo #Clearstream #D7Platform #CommercialPaper #TIPS #Hashlink #EuropeanCentralBank #WholesaleDLT #Settlement #DigitalBond #CassaDepositiEPrestiti #FinancialTransactions #CentralBanking #Tokenization #HTLC
🚀 France and Euroclear Launch Project Pythagore for EU Commercial Paper Tokenization
#France #Euroclear #ProjectPythagore #EU #EuropeanUnion #commercialpaper #tokenization #CBDC #centralbankdigitalcurrency #BankOfFrance #ECB #ProjectPontes #DLT #settlement #financialmarkets #finance
According to PANews, the Banque de France and Euroclear have initiated 'Project Pythagore' to tokenize the European Union's commercial paper market, which currently has an outstanding balance of €310 billion. The project aims to officially launch by the end of 2026. At that time, France's wholesale central bank digital currency (CBDC) pilot will be integrated into the European Central Bank's 'Project Pontes,' a wholesale distributed ledger technology (DLT) settlement system. Previously, France attempted to use DLT for commercial paper processing, but despite surpassing the experimental phase, it was not successfully implemented.#France #Euroclear #ProjectPythagore #EU #EuropeanUnion #commercialpaper #tokenization #CBDC #centralbankdigitalcurrency #BankOfFrance #ECB #ProjectPontes #DLT #settlement #financialmarkets #finance
🚀 U.S. Commercial Paper Market Sees Mixed Movements Amid Financial Uncertainty
#USCommercialPaper #FinancialMarkets #FederalReserve #MarketTrends #EconomicUncertainty #Finance #CommercialPaper
The Federal Reserve's recent data release indicates a mixed performance in the U.S. commercial paper market for the week ending March 11. According to Jin10, seasonally adjusted figures show an increase of $13 billion in outstanding commercial paper, reaching a total of $1.41 trillion. However, the unadjusted balance saw a decline of $9.5 billion, bringing it to $1.423 trillion.
Some analysts suggest that the unadjusted data may provide a more accurate reflection of market conditions, particularly in light of ongoing financial uncertainties. The unadjusted outstanding balance of U.S. foreign financial commercial paper also decreased by $20 billion, settling at $376.3 billion. These movements highlight the complexities and challenges facing the commercial paper market amid broader economic concerns.#USCommercialPaper #FinancialMarkets #FederalReserve #MarketTrends #EconomicUncertainty #Finance #CommercialPaper