At Banco de Crédito del Perú (BCP), an employee paid for a coffee in the cafeteria using an internal token, GIFT, issued on Polygon, during a controlled test conducted in a limited operational environment and free of financial risk for users.
According to data collected by Fireblocks (State of Stablecoins, May 2025), based on a survey of approximately 300 payment providers and banks, 48% of respondents indicate near-real-time settlement as the main advantage of token-based flows; 33% report improvements in liquidity and integrated processes.
Analysts from the BIS Innovation Hub note that pilot projects like mBridge have demonstrated significant reductions in settlement times for cross-border payments. These numbers help to contextualize the BCP pilot, although the bank has not yet published operational metrics on the test.
The Fact: First Tokenized Payment at BCP Headquarters
During the summer of 2025 (exact date not disclosed), BCP conducted a real transaction in a limited operational environment: payment at the checkout via QR code, wallet installed on the user’s device, crediting of the internal bank token GIFT, and completion of the operation in a few seconds. In this context, the flow remains familiar to the user, with the on-chain component managed in the background. The custody and integration infrastructure was handled by Fireblocks.
“This is a first for Peru and a step that helps us rethink service models,” said Lenin Carrillo, Head of Blockchain & Crypto at BCP, on the sidelines of the experiment.
Key facts
- Token: GIFT (non-transferable, non-tradable)
- Network: Polygon (PoS)
- Scenario: purchase in company cafeteria with QR
- Custody/backend: Fireblocks
- User risk: none (funds and fees simulated by the bank)
What we know and what is missing
- Available data: network used, nature of the token (closed), user process, and role of Fireblocks.
- Undisclosed Data: exact date of the test, number of participants, usability metrics (success rate, average times, errors), and actual fees. Currently, there is no official BCP statement with these details.
How it works (step-by-step)
- Installation: the employee downloads a compatible wallet.
- Credit: the bank sends the internal token GIFT to the wallet.
- Checkout: at the checkout, the user scans the QR code.
- Signature: the wallet signs the transaction on Polygon.
- Confirmation: the payment is completed in a few seconds, while the on-chain complexities remain hidden from the user.
Why it matters: towards remittances and cross-border payments
BCP looks beyond internal use. In fact, the adoption of a banking token on public infrastructures can open scenarios for remittances and cross-border payments, as tokenization helps reduce friction and settlement times compared to traditional circuits.
Expected Benefits (if scaled)
- Faster settlement: from days to near-real-time in compatible scenarios (48% of respondents in the cited study identify settlement speed as the main advantage).
- Lower costs on micro-payments and repetitive remittances.
- Traceability and native audit thanks to the ledger.
- Integration with compliance tools and KYC/AML controls.
Limits and design choices of the pilot
That said, the test was designed to isolate every risk: the GIFT token is neither transferable nor tradable, avoiding exposure to volatility and the management of keys by inexperienced users. Fireblocks managed custody and backend integration. The Fireblocks report, published in May 2025, highlights how stablecoins and regulated tokens are entering the agenda of banks and payment providers to improve settlement times and liquidity flows.
Regulation: What It Takes to Move from Pilot to Production
The Peruvian regulatory context is evolving. It should be noted that large-scale adoption will depend on clear rules regarding the custody of digital assets, consumer protection, and KYC/AML requirements. Looking ahead, global references such as the FATF “Travel Rule” for virtual asset transfers, BIS projects for cross-border payments based on DLT (e.g., mBridge, as highlighted by the BIS Innovation Hub), and the EU MiCA regulation, currently under discussion, also matter. BCP has stated its intention to best prepare to comply with future compliance requirements related to digital asset-based products.
Context: experiments in the sector
Similar projects are underway in Europe and other regions, with the use of Polygon and custody providers like Fireblocks, confirming a mature technological trajectory. In this context, according to some industry press reports, BCP is said to have experimented with trading functionalities on crypto assets with a select group of users during a period referred to as “spring 2025” – however, official details and public confirmation from the bank are lacking.
Practical Impact: What Really Changes
This “first” demonstrates that a bank can issue and manage a closed token for internal use cases, hiding the on-chain complexity and allowing an assessment of usability. Yet, the next challenge will be to extend the application to interoperable scenarios, perhaps integrating regulated stablecoins or transferable tokens without compromising security and controls.
