NY Fed & BIS Launch Project Pine: Researching Tokenized Markets for Monetary Policy

The New York Federal Reserve and the Bank for International Settlements (BIS) launched Project Pine on May 14, 2025, to explore how central bank policy can be applied in tokenized financial markets. This collaborative project, based out of the BIS Innovation Hub and New York Innovation Center, aims to develop a prototype toolkit for policymakers seeking to adapt monetary policies within digital systems. This toolkit utilizes adaptable smart contracts, enabling a more flexible approach to policy implementation across different jurisdictions.