A new prototype, Project Pine, developed by the New York Fed’s Innovation Center and the BIS’s Swiss Center, showcases how tokenized markets can enable rapid central bank operations. The project demonstrated real-time execution of interest payments, open market operations, and emergency liquidity support in a fraction of the time needed in traditional systems, all within milliseconds. In ten stress scenarios simulating various financial conditions, Project Pine consistently met its targeted liquidity goals. This innovative approach leverages smart contracts to streamline monetary policy tools like daily accrual on reserve balances or open market repo auctions into simple functions that can be easily deployed on blockchain.