According to CoinDesk, Project Agorá, led by the Bank for International Settlements (BIS), has recently completed a real-funds cross-border payment test involving 28 commercial banks—including JPMorgan Chase, Citibank, UBS, Deutsche Bank, and Standard Chartered—as well as five central banks. The test processed approximately $1 million (around 800,000 Swiss francs) in real transactions across six currencies: USD, EUR, GBP, JPY, CHF, and KRW. The test utilized tokenized central bank reserves and commercial bank deposits, placing funds on a shared ledger for settlement, with an average settlement time of about 80 seconds. Unlike traditional cross-border payments that require multiple correspondent banks, the platform enables a single shared record of ownership and supports bilateral foreign exchange settlement simultaneously, effectively reducing unilateral settlement risk. The BIS stated that the platform is designed to operate in parallel with existing payment systems, rather than replacing them.
BIS-led Project Agorá Completes $1M Cross-border Tokenized Payment Test
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Summary
Project Agorá, a project announcement led by the Bank for International Settlements (BIS), has completed a $1 million cross-border tokenized payment trial involving 28 commercial banks and five central banks. The trial used tokenized central bank reserves and commercial deposits on a shared ledger, processing real transactions in six currencies with an average settlement time of 80 seconds. The project funding announcement highlights the platform’s ability to reduce settlement risk and operate alongside existing systems.
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