COINDESK · 2026-11-14 15:00 UTC

UK, Singapore, and Thailand central banks test cross-border FX settlement as stablecoins gain ground

The Bank of England, Singapore, and Thailand central banks ran Project Meridian FX APAC, showing cross-border FX transactions can be coordinated across conventional and blockchain-based settlement systems without identical infrastructure. The test covered payment-versus-payment settlement, so one currency changes only when the matching payment in another currency occurs, and multilateral netting to reduce banks' liquidity requirements. The Bank of England plans a live synchronisation interface in 2028, but legal arrangements, regulatory oversight, and broader participation still need work…

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