Huoxing Finance reports, according to The Block, that Project Agorá, led by the Bank for International Settlements (BIS), has completed a real-world cross-border payment test involving five central banks and 28 commercial banks, including JPMorgan Chase, Citibank, UBS, Deutsche Bank, and Standard Chartered. The test facilitated approximately $1 million in real transactions using tokenized central bank reserves and commercial bank deposits, covering six currencies: USD, EUR, GBP, JPY, CHF, and KRW, with an average settlement time of about 80 seconds. The test utilized a shared ledger, enabling banks to execute transactions on a single record, and evaluated synchronized foreign exchange settlement to reduce counterparty risk. Project Agorá is one of several wholesale tokenization initiatives aimed at exploring how digital technologies can modernize the infrastructure of global financial markets.
BIS-led Project Agorá Completes $1M Tokenized Cross-Border Payment Test
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Summary
Led by the BIS, Project Agorá conducted a $1 million tokenized cross-border payment trial involving five central banks and 28 commercial banks, including JPMorgan, Citibank, UBS, Deutsche Bank, and Standard Chartered. The trial utilized tokenized central bank reserves and commercial bank deposits across six currencies, achieving an average settlement time of 80 seconds. A shared ledger enabled synchronized foreign exchange settlement, enhancing liquidity and transparency in crypto markets. The pilot also supported CFT (Countering the Financing of Terrorism) compliance through real-time transaction tracking.
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