A sensor records water quality in an industrial process on a blockchain. Software determines when chemicals are required, and equipment use triggers a payment between Evonik and Siemens. No invoice or separate reconciliation follows.
The pilot captures the problem Commercial Bank Money Tokens are meant to solve. Companies are moving data, assets and contractual logic onto distributed ledgers, while money remains in systems built for another age. The split consumes time and limits automation.
Stablecoins move value on public blockchains, but companies cannot select money solely for speed. Issuer risk, redemption, accounting, compliance and liquidity matter. CBMT begins with a conservative premise: preserve familiar commercial bank money, then equip it for a tokenized economy.
Why Commercial Bank Money Tokens Matter to Corporates
A CBMT is a liability of a regulated commercial bank recorded directly on distributed ledger technology. Its holder has a claim against the issuer, redeemable at par into central bank money. Like a conventional deposit, it may bear interest. The innovation lies in the record and its programmability, rather than in a new monetary promise.
Inside a corporate treasury, another instrument can require a fresh assessment of counterparty risk, accounting, reporting and redemption. Commercial Bank Money Tokens carry familiar bank-money characteristics into DLT workflows. Manfred Richels of the German Savings Banks Association describes the project as customer-led: corporates wanted payment inside the same automated process as the event creating the obligation.
The Multi-Bank Problem
A token issued by one bank is useful to its customers. A monetary network must also move value between banks. In the CBMT model, a transfer of €100 from Bank A to Bank B changes the institution responsible for the liability. Bank B cannot simply give its customer a token representing a claim on Bank A.
The solution is a burn-and-mint sequence. Bank A’s token is burned on the receiving side, and Bank B creates an equal-value token representing its own liability. The two banks then settle their positions in central bank money. Corporate payment and interbank settlement remain distinct.
Instant payments or TARGET Services can address that exposure today. Tokenized wholesale central bank money could eventually make settlement synchronous. The Eurosystem’s Pontes initiative is designed to connect market DLT platforms with TARGET Services, while Appia explores a more integrated European tokenized financial ecosystem.
From Pay-per-Use to Accountable AI Agents
Sensor data in the Siemens–Evonik pilot triggers a pay-per-use transaction, making payment part of the operational event. The model can extend to delivery-versus-payment and continuous automated payments when the economics suit the asset. Richels notes that pay-per-use may be unattractive if the producer must keep a capital-intensive machine on its balance sheet; software, services and smaller assets can fit better.
Agentic payments advance the same logic. Red Date Technology’s Tim Bailey describes software agents executing a B2B purchase through treasury or ERP systems. Each agent can be connected to a bank-issued identity, creating a route to the accountable person or legal entity if fraud or an anti-money-laundering breach occurs.
Autonomous execution becomes viable only when delegated authority, transaction limits and responsibility can be demonstrated. Programmable bank money then becomes a control mechanism for machines permitted to transact.
Coexistence, Not a Single Digital-Money Winner
CBMTs do not make stablecoins redundant. Stablecoins suit crypto markets and open global networks, especially when cross-border reach matters. Their legal design, reserves and redemption process still require individual assessment. As Richels puts it, a stablecoin is ultimately as good as its worst day at redemption.
Tokenized deposits occupy another part of the landscape: corporate treasury, industrial automation and regulated B2B payments. Retail CBDCs may serve daily payments, while wholesale central bank money could settle bank obligations. Project Agorá explores cross-border settlement by placing tokenized deposits and central bank reserves on shared infrastructure.
The participation of ABN AMRO and BNP Paribas is taking CBMT beyond its German origins, though national differences in deposit law remain an obstacle. The harder questions are common rules, regulatory recognition and network breadth.
Adoption may be decided far from the blockchain interface. Companies will expect tokenized money inside existing ERP and treasury systems, making providers such as SAP and Kyriba important distribution layers. If Commercial Bank Money Tokens succeed, they may disappear into ordinary workflows: payment will happen because the business event happened, with no separate instruction.
CBMT Sandbox Video Demonstration
Academic Paper – Structural Framework for Tokenized Money Networks
Bitcoin, Fiat & Rock’n’Roll Website
Bitcoin, Fiat & Rock’n’Roll Telegram Channel
Relai*: Buy Bitcoin with Relai—you can do a one-time purchase or savings plan: Click here. Use the referral code „ROCK“ to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock’n’Roll.
Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us „Value4Value“ while listening to the podcast. You can find us on the Fountain Podcast App here: Click here
Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research—inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here
All links marked with „*“ are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!