Hong Kong has partnered with the central banks of Brazil and Thailand to explore tokenization in cross-border initiatives as part of Project Ensemble. The Hong Kong Monetary Authority (HKMA) will collaborate with Banco Central do Brasil (BCB) to conduct cross-border tokenization experiments, connecting its experimental CBDC called Drex to the Ensemble Sandbox platform. This will explore cross-border payment-versus-payment (PvP) and delivery-versus-payment (DvP) capabilities, reducing counterparty risk. Hong Kong has also partnered with the Bank of Thailand (BOT) for a PvP and DvP project targeting carbon credits and trade payments. Separately, Bolivian bank Banco Bisa has integrated USDT, Tether's stablecoin, enabling customers to access and transfer the digital asset with ease. The bank's vice president of business stated that the integration allows for cheap and fast cross-border transfers, while a rigorous verification process is in place to mitigate risks.



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