Brazilian digital bank Banco Inter has announced the completion of a blockchain-based cross-border trade finance pilot that connected Brazil’s Drex central bank digital currency network with Hong Kong’s Ensemble platform. The initiative was carried out in collaboration with Chainlink, the Central Bank of Brazil (BCB), and the Hong Kong Monetary Authority (HKMA) as part of the second phase of Brazil’s Drex programme. The project focused on evaluating real-time settlement of export transactions between the two jurisdictions.
The test relied on Chainlink’s interoperability framework to facilitate secure communication between the two networks. This allowed automated transfer of funds between the CBDC systems and ensured simultaneous updates to tokenised asset records across both regions.
Testing DvP and PvP Settlement Models
The pilot incorporated both delivery-versus-payment and payment-versus-payment mechanisms, enabling instant exchange of assets and payments without settlement delays. This approach was designed to reduce counterparty and transaction risk in cross-border trade. The system also supported conditional and instalment-based payments, ensuring that funds were only released once pre-defined trade conditions had been met.
Banco Inter indicated that the platform’s architecture, which combines tokenised settlements with smart contract-enabled transfer of ownership, could help lower operating expenses and minimise risk exposure. The bank added that such infrastructure could open international trade opportunities for smaller enterprises that cannot typically access complex trade finance systems.
The trial included participation from Standard Chartered, the Global Shipping Business Network (GSBN), and 7COMm. GSBN was responsible for handling updates related to electronic bills of lading, providing a digital bridge between logistics and financial settlement.
We’re excited to announce that Chainlink is powering cross-border DvP settlement between the Central Bank of Brazil (@BancoCentralBR) & Hong Kong Monetary Authority (@hkmagovhk) alongside Banco Inter, Standard Chartered, GSBN, & 7COMm in the Drex program.https://t.co/pdodcDMkuC… pic.twitter.com/6cIIOjif1K
— Chainlink (@chainlink) November 3, 2025
Expanding the Scope of Digital Trade Finance
Bruno Grossi, who leads the digital assets division at Banco Inter, stated that the collaboration aims to support the evolution of global trade by enabling more efficient financial and logistical coordination. According to him, the participating organisations intend to broaden the scope of testing by incorporating additional trade structures and allowing more financial players to join future pilots.
The initiative demonstrated how Chainlink’s technology can be used to connect central bank digital currency networks and trade finance platforms, potentially forming the foundation for a more integrated digital trade ecosystem.
Advancing Brazil’s Drex CBDC Agenda
The Central Bank of Brazil continues to push ahead with Drex, which is positioned as a programmable, privacy-oriented digital infrastructure for the national financial system. The project forms part of the country’s larger shift toward digital payments, a transition in which stablecoins already account for the vast majority of crypto-related activity in Brazil.
By experimenting with blockchain-enabled cross-border settlement, the authorities and industry partners are aiming to explore a model that reduces operational barriers, modernises trade flows, and strengthens Brazil’s role in the emerging digital economy.
