New York Fed & BIS Launch Tokenized Project Pine for Modernizing Central Banking

The New York Federal Reserve and the BIS Innovation Hub launched Project Pine, a groundbreaking initiative to explore tokenized financial markets, on May 14, 2025. This collaboration signifies a shift in central banking as it aims to integrate monetary policies within these new, blockchain-based systems. The project utilizes smart contracts to enable centralized banks to manage tokenized wholesale markets while also exploring the potential for greater operational efficiency and adaptability.