According to CoinDesk, on November 14, the Bank of England, Monetary Authority of Singapore, and Bank of Thailand tested Project Meridian FX APAC for cross-border foreign exchange settlement across blockchain and conventional systems. The experiment demonstrated payment-versus-payment settlement, where one leg of an FX transaction completes only if the matching transfer occurs, reducing counterparty risk. The test also included multilateral netting, allowing banks to offset obligations across multiple counterparties. The Bank of England plans to introduce a live synchronisation interface in 2028, pending further work on legal and regulatory frameworks.

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