Credit Agricole CIB and Santander’s CACEIS to test tokenized deposits

Crédit Agricole CIB, together with its asset servicing joint venture CACEIS with Santander, has conducted an experiment as part of the European Central Bank’s (ECB) wholesale DLT settlement trial, which involved simulating cross-border payments using a tokenized correspondent banking model and using a wholesale central bank digital currency (wCBDC) for interbank settlement. The ECB trial involved three central bank money solutions, of which the Bank of France’s DL3S was the only one offering wCBDC, or cash on a chain. The trial is set to end this month.