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Media Advisory

New York Fed and Bank for International Settlements to Publish Project Pine Report

May 08, 2025

NEW YORK—The New York Innovation Center at the Federal Reserve Bank of New York and the Bank for International Settlements (BIS) will publish a report on Project Pine on Wednesday, May 14 at 10:00 AM Eastern Time.

Project Pine is a joint technical research study conducted by the New York Innovation Center and the BIS Innovation Hub. The project examined if and how central banks could continue to implement monetary policy operations in a hypothetical future state where tokenization is widely adopted in wholesale financial markets.

Press Call
A deep background press call will take place with the research team on Wednesday, May 14 at 9:00 am Eastern Time (3:00 pm Central European Time) to provide an overview of the project and its findings. Journalists interested in participating must RSVP with Shelley Pitterson from the New York Fed at Shelley.Pitterson@ny.frb.org.

About the New York Innovation Center
The New York Innovation Center (NYIC) at the Federal Reserve Bank of New York bridges the worlds of finance, technology, and innovation. Established in 2021 in partnership with the Bank for International Settlements Innovation Hub, the NYIC generates insights into high-value central bank-related opportunities through research, analysis, and technical experimentation to drive advancements in central banking and enhance the functioning of the global financial system.

About the BIS Innovation Hub
The BIS Innovation Hub aims to foster international collaboration on innovative financial technology within the central banking community. It identifies and develops in-depth insights into critical trends in technology affecting central banking, develops public goods for improving the functioning of the global financial system; and serves as a focal point for a network of central bank innovation experts. Its projects are typically experimental in nature.

Contacts
Federal Reserve Bank of New York
Shelley Pitterson
(917) 698-0510
Shelley.Pitterson@ny.frb.org

Bank for International Settlements
Louise Egan
+41 61 280-8293
louise.egan@bis.org

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