Global banks test tokenized money for cross-border payments in $1 million BIS pilot
Project Agorá, a collaborative pilot led by the Bank for International Settlements, successfully tested the use of tokenized central bank reserves and commercial deposits for cross-border payments. The initiative demonstrated that a shared ledger system can significantly accelerate settlement times and reduce risks associated with foreign exchange transactions.
Project Agorá, which brings together five central banks and 28 commercial lenders including JPMorgan, Citi, UBS, Deutsche Bank and Standard Chartered, processed roughly $1 million (CHF 800,000) in real-value transactions across six currencies — the U.S. dollar, euro, British pound, Japanese yen, Swiss franc and South Korean won.
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