The Role of RITS in Supporting Settlement in a Tokenised Ecosystem Appendix B – Emerging international approaches

Synchronisation models

Across peer jurisdictions, a range of synchronisation models to support DvP settlement of domestic tokenised asset transactions and private tokenised money exchange are starting to emerge. These models illustrate different approaches that can be taken towards locking tokenised assets, tokenised money, and/or central bank reserves, as well as the transmission of instructions between the external tokenised platform and the interbank settlement system. They also illustrate the different potential identities and roles of the synchronisation operator.

The international models referenced in Chapters 3 and 4 are summarised below.

DvP settlement of tokenised assets through synchronisation with interbank settlement systems

SNB’s Project Helvetia⁴⁹

SNB’s Project Helvetia included a proof-of-concept model that linked a tokenised asset platform with the Swiss Interbank Clearing (SIC) system to facilitate DvP settlement of tokenised assets. The tokenised asset platform effectively acted as a synchronisation operator, using asset locking and existing SIC functionality to initiate the corresponding cash settlement across participants’ SIC settlement accounts. The settlement process was as follows:

1. The asset is locked on the tokenised asset platform.
2. This triggers an instruction to SIC to settle the cash leg of the transaction, using existing SIC functionality allowing third parties to instruct settlement across participants’ accounts.
3. Once SIC confirms cash settlement, the asset is transferred to the buyer.

As part of the current phase of Project Helvetia, financial market infrastructure BX Digital (BXD) is trialling a similar model in a production environment.

BoE Synchronisation Operator⁵⁰

The BoE is working with industry through its Synchronisation Lab to design a synchronisation capability between its renewed interbank settlement system (RT2) and external asset ledgers, including those based on tokenised platforms. The proposed model introduces a third-party Synchronisation Operator (SO) that coordinates DvP settlement by locking (or ‘earmarking’) both the asset and central bank reserves before instructing the final transfers. This approach is intended to ensure that the cash and asset legs settle on a near-simultaneous basis. The settlement process is as follows:

1. The buyer and seller submit a request to the SO to synchronise the payment and asset transfer.
2. The SO requests that funds be earmarked in the buyer bank’s RT2 account and that the asset be earmarked on the asset ledger. RT2 and the asset ledger confirm to the SO that the respective earmarks have been applied.
3. Once both earmarks are confirmed, the SO instructs RT2 to settle the funds and the asset ledger to transfer ownership of the asset. The respective transfers are completed in RT2 and the asset ledger, achieving synchronised settlement of both legs of the transaction.

Banca d’Italia TIPS Hash-Link service⁵¹

As part of the Eurosystem’s exploratory work on settling tokenised asset transactions in central bank reserves, the Banca d’Italia’s TIPS Hash-Link solution was designed to coordinate the cash and asset legs of a transaction across separate systems. TIPS Hash-Link relies on pre-funded liquidity from T2 and a smart contract coordination mechanism managed through an API gateway. The settlement process can be broadly described as follows:

1. Participants pre-fund the TIPS Hash-Link environment from their T2 RTGS accounts.
2. The asset is locked on the tokenised platform. TIPS Hash-Link generates and stores information required to coordinate completion of the transaction.
3. The buyer initiates settlement of the cash leg using liquidity held within the TIPS Hash-Link environment.
4. Once cash settlement completes, the asset is transferred to the buyer on the tokenised platform, supported by the transaction information generated by TIPS Hash-Link when the asset was locked.

Bundesbank Trigger Solution⁵²

As part of the Eurosystem’s exploratory work on settling tokenised asset transactions in central bank reserves, the Deutsche Bundesbank piloted the Trigger Solution. The Trigger Solution acted as an interoperability layer between tokenised market platforms and the T2 RTGS system. The settlement process was as follows:

1. The seller locks the asset on the tokenised asset platform, and a payment instruction is created in the Trigger Solution.
2. The Trigger Solution instructs a transfer of funds in T2 from the buyer’s account to an interim central bank account, effectively reserving the funds for the transaction.
3. The Trigger Solution verifies that the requirements for settlement have been met and instructs T2 to transfer the reserved funds from the interim account to the seller’s account.
4. Once cash settlement is confirmed, the tokenised asset platform completes the asset transfer.

ECB Pontes⁵³

Drawing on the Trigger Solution and TIPS Hash-Link pilot projects, as well as a third pilot exploring settlement in tokenised central bank reserves, the ECB has launched the Pontes program to develop a unified solution that combines the strengths of the three approaches tested.

Tokenised money exchange using traditional interbank settlement systems

HKMA’s Project Ensemble⁵⁴

As part of the current phase of Project Ensemble, the HKMA has piloted a central bank-operated ‘Interoperability Layer’ to enable commercial bank deposit token exchange, with settlement through the interbank settlement system. This infrastructure supports the interbank settlement of obligations arising from the use of deposit tokens in tokenised asset settlement.

US Clearing House Initiative and Swift blockchain-based ledger

At least two private sector-led initiatives are exploring deposit token interoperability using only existing interbank settlement system functionality. These two initiatives – the US Clearing House initiative and the Swift DLT ledger – involve the development of a connectivity layer to link external tokenised money platforms (where the deposit tokens circulate) with existing payment rails.

• The US Clearing House initiative will support on-chain clearing and settlement of tokenised deposits between banks and provide a connectivity layer linking blockchain-based activity with established payment rails. This connectivity layer will link external tokenised deposit platforms to the Real-Time Payments (RTP) and the Clearing House Interbank Payments System (CHIPS), both operated by the Clearing House.⁵⁵
• Swift is working with a global group of banks on a DLT ledger that can orchestrate the settlement of wholesale cross-border payments made using tokenised deposits. In this model, banks issue tokenised deposits on private ledgers. When a payment is made using deposit tokens, the resulting interbank liability is recorded on the Swift ledger. The Swift ledger, after completing validations, informs the payee bank which can then credit its customer (either to their account or issuing them its own tokenised deposits). Final settlement of the accrued interbank liabilities occurs later, with Swift periodically instructing banks to send net settlement requests to their relevant interbank settlement systems. Once interbank settlement has been confirmed, the interbank liabilities are extinguished and removed from the Swift ledger.⁵⁶

Stablecoin issuer access to central bank reserves

Peer central banks are beginning to consider the role that access to central bank reserves may play for stablecoin issuers. The approach is not uniform, and many are at the early stages, given the lack of maturity of their respective stablecoin markets. In some cases, expanded access has been provided to fintechs which signals use of central bank reserves beyond traditional banking institutions. A few notable examples are summarised below.

• The BoE published its policy approach to systemic stablecoin issuers in June 2026. Under the policy, systemic stablecoin issuers would be required to hold a portion of their backing assets as central bank deposits, in an unremunerated settlement account. The BoE also intends to provide systemic stablecoin issuers access to a liquidity facility as a backstop.⁵⁷
• The US Federal Reserve recently closed a consultation on the provision of a payments account that would be used for settling payments only. The accounts would be unremunerated and would not have access to intraday liquidity. These accounts would more likely be suitable for institutions who are not federally insured or subject to prudential supervision (including but not limited to stablecoin issuers).⁵⁸
• The SNB does not provide access for stablecoin issuers but does provide eligible licensed fintechs with a sight deposit account.⁵⁹