# Project Helvetia III: Settling Tokenized Assets with a Wholesale CBDC

**10th April 2024**

In this session, **Thomas Moser** (Swiss National Bank) and **David Newns** (SIX Digital Exchange) join FNA to discuss the historic third phase of **Project Helvetia**. For the first time, the Swiss National Bank (SNB) has integrated a live Swiss franc wholesale CBDC (wCBDC) into a DLT-based financial market infrastructure to settle real-world tokenized bond transactions.

Our guests delve into the practicalities of this "near-live" setting, focusing on how settling in central bank money—the safest form of settlement—impacts liquidity demands. We explore the delicate balance of preventing liquidity fragmentation while embracing the efficiency of atomic, **T+0 settlement** on the SIX Digital Exchange (SDX).

## Key Discussion Points:

- **Production vs. Pilot:** The transition from experimental testbeds to a live production environment for CHF wholesale CBDC.
- **Liquidity Management:** Analyzing how DLT-based settlement alters liquidity demands for participating commercial banks.
- **Fragmentation Risks:** Strategies for ensuring that tokenized settlement doesn't silo liquidity away from traditional RTGS systems.
- **Operational Lessons:** Key takeaways from the first wave of digital bonds issued by the World Bank and Swiss cantons using wCBDC.

**Watch on Demand:**

Listen on: [Spotify](https://open.spotify.com/episode/7s8XUZjgLo1hTcb5gCco8j?si=58QW7qOWQLadgAQ1GljhUw) 
| [Apple Podcasts](https://podcasts.apple.com/gb/podcast/cbdc-broadcast-24-project-helvetia-iii-settling-tokenized/id1772649634?i=1000672066793) 
| [Amazon Music](https://music.amazon.co.uk/podcasts/93293cc8-fa9c-41a8-a3d7-86b413d78941/episodes/3e91ad80-0d5b-4e84-8beb-a7016b90b330/fna-broadcasts-cbdc-broadcast-24---project-helvetia-iii-settling-tokenized-assets-with-a-wholesale-cbdc)

## Tags:

[CBDC](/content/all-fna-broadcasts/tag/CBDCs/index.html) | [Project Helvetia](/content/all-fna-broadcasts/tag/Project+Helvetia/index.html) | [Wholesale CBDC](/content/all-fna-broadcasts/tag/Wholesale+CBDC/index.html) | [Swiss National Bank](/content/all-fna-broadcasts/tag/Swiss+National+Bank/index.html) | [Six Digital Exchange](/content/all-fna-broadcasts/tag/Six+Digital+Exchange/index.html) | [DLT](/content/all-fna-broadcasts/tag/DLT/index.html) | [Tokenized Assets](/content/all-fna-broadcasts/tag/Tokenized+Assets/index.html) | [Atomic Settlement](/content/all-fna-broadcasts/tag/Atomic+Settlement/index.html)