of central bank money between commercial banks'sight deposits on the 1 / 4 bis - central bankers'speeches balance sheet of a central bank. the one - to - one convertibility of commercial bank money into central bank money ensures that these two types of money are used interchangeably. one swiss franc is one swiss franc, irrespective of whether it is issued by the central bank or by a specific commercial bank. the value of commercial bank money is thus anchored by the value of central bank money. this ensures what is known as the'singleness of money '. settlement in central bank money is facilitated by central bank payment systems. in switzerland we use the sic system. last year, sic settled a daily average of around 4 million transactions worth more than chf 220 billion. the use of central bank money in a payment system eliminates credit risk and minimises liquidity risk, thereby contributing to financial stability. in summary, it is essential for a central bank to maintain the role of its money as the anchor of the monetary system, irrespective of future technological innovations. settlement of tokenised assets and the snb's wholesale cbdc pilot one promising technological innovation currently gaining momentum is the tokenisation of financial assets. tokenisation means the digital representation of assets on a distributed ledger, which is a system for recording and sharing data across a computer network. it promises a more secure, efficient and transparent financial market infrastructure for the transfer of assets in real time. switzerland is one of the leading centres in the adoption of tokenisation within the regulated financial system. this year so far, around 2. 5 % of swiss franc bonds have been issued in tokenised format. for the snb, this development raises the question : how can transactions with tokenised assets be settled with central bank money? one possibility we are currently evaluating is to provide financial institutions with swiss franc central bank money in tokenised form. this is often referred to as wholesale central bank digital currency, or wholesale cbdc. to this end, we launched the pilot project helvetia iii in december 2023. the pilot is unique : it makes tokenised central bank money available for settling commercial transactions on the same third - party platform where the tokenised assets are held. this approach aims to fully realise the benefits of tokenisation. in the pilot, selected banks can use swiss franc wholesale cbdc to settle tokenised bond transactions on six digital exchange, or sdx. sdx

important subject in more depth and to hearing your perspectives in the coming panel discussion. i am delighted that we have four distinguished speakers with us today, from central banks and multilateral institutions. they have agreed to share their views on how the monetary system of the future might look. i would like to take this opportunity to thank the panellists for coming to zurich today. let me now ask antoine martin, member of the governing board at the snb, to introduce the panel. thank you. the speaker would like to thank philipp haene for his support in preparing this speech. he also thanks benjamin muller, alexander perruchoud, fabio sonderer, andreas wehrli, tanja zehnder, as well as the snb language services. 4 / 4 bis - central bankers'speeches