Siemens and Evonik Complete First Multi-Bank Eurozone Deposit Token Transfer

Siemens and Evonik have executed live transactions using Commercial Bank Money Tokens, settling a payment tied to a manufacturing process monitored by IoT sensors and involving chemical consumption. DZ Bank and Commerzbank participated in the pilot, which delivered one of the first multi-bank deposit token transfers in the Eurozone.

The initiative is explicitly framed as a tokenised extension of existing payment systems, echoing a recent Bank of Italy call for a tokenised SEPA capable of handling multiple currencies. DZ Bank’s Claus George positioned CBMT as infrastructure with reach beyond Germany: French banks have expressed interest, yet the first international transactions are expected between Germany and Singapore rather than within the EU. Discussions are also under way with US and UK banks.

Fragmented supervision constrains the pace of European expansion. Each national supervisor must approve participation, and many EU central banks have only recently accepted tokenised deposits, whereas Singapore offers a unified regulatory path. BaFin has granted approval in Germany, but the lack of a pan-European legislative framework for deposit tokens remains a structural bottleneck for scaling the network across the single currency area.