UK, Singapore and Thailand test cross-border FX settlement with Project Meridian
In short
Central banks in the UK, Singapore and Thailand tested cross-border foreign exchange settlement under Project Meridian FX APAC. The project showed transactions can be coordinated across regular settlement systems and blockchain-based systems.
What the reporting says
UK, Singapore and Thailand central banks tested cross-border FX settlement under Project Meridian FX APAC, showing how transactions can be coordinated across conventional settlement systems and blockchain-based systems. The test comes as stablecoins gain ground. The exercise highlights ongoing work on payment and settlement plumbing across multiple systems.
Why it matters
The central banks of the UK, Singapore and Thailand tested cross-border FX settlement through Project Meridian FX APAC, which demonstrated coordination between conventional settlement systems and blockchain-based systems. The exercise is part of broader experimentation as stablecoins gain ground, and it focuses on how cross-border payments and settlement could work across different financial infrastructures.