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On Tuesday, the Swiss Bankers Association (SBA) revealed that UBS, PostFinance, and Sygnum Bank have, for the inaugural time, successfully executed a legally enforceable payment transaction. This was accomplished by leveraging bank deposits and harnessing the power of public blockchain technology. This groundbreaking transaction emerged from a collaborative feasibility study undertaken by the trio of banks, focusing on 'deposit tokens'—an innovative concept aimed at integrating bank deposits into the blockchain ecosystem. The study's findings illuminated the potential for users to facilitate seamless payment settlements by transmitting tokens, which represent bank deposits, through the blockchain network. Moreover, these tokens boast interoperability across a spectrum of banks, fostering a more interconnected financial landscape.
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