CandleFocus DLT-based SNB Bills to be settled in wholesale CBDCs
2024-11-21
Author: Content Editor
The Swiss National Bank (SNB) is cautious about rolling out digital SNB Bills, which are short-term debt register claims issued by the SNB to absorb liquidity. While the digital SNB Bills have shown promise in using blockchain technology for tokenized asset settlement, the SNB and other financial institutions are concerned about the implications of including the process in monetary policy. The SNB's pilot project involving CBDCs for asset settlement, called Helvetia III, has highlighted the benefits of issuing digital SNB Bills but also revealed concerns about the niche nature of blockchain-based markets. Meanwhile, Thailand-based SCB 10X is exploring the viability of stablecoins in local and international settlements. The fintech arm of Siam Commercial Bank has developed a stablecoin pegged to the Thai Baht called THBX, which complements cash rather than replacing it. SCB 10X plans to launch THBX commercially in the coming months and is currently soft launching it at the Ethereum Devcon summit.
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