In a truly European issuance, Dutch banks ABN AMRO and Rabobank participated in a digital commercial paper issuance, tokenized on the Deutsche Börse Clearstream D7 DLT. The Luxembourg transaction was settled atomically using a wholesale CBDC issued by the Banque de France.
Stepping back, this transaction is part of the Eurosystem’s DLT trials for wholesale settlement using central bank money. The Banque de France’s wholesale CBDC (wCBDC) is one of three settlement options, with the other options linking more directly to EU payment systems T2S or TIPS. We note that Clearstream referred to the wCBDC as ‘Exploratory Cash Tokens’ (ECTs).
The wCBDC or ECTs use the Banque de France’s DL3S DLT.
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