BIS Project Agorá settles $1 million in tokenized cross-border payment trials
The Bank for International Settlements (BIS) has announced the completion of initial real-value trials for Project Agorá, a tokenized cross-border payment system. The trials involved 28 central and commercial banks settling approximately $1 million (800,000 Swiss francs) across 17 different transaction scenarios. The system successfully used tokenized central bank reserves and commercial bank deposits to process payments in six major currencies, with average settlement times of around 80 seconds. Participants included major central banks such as the Bank of England and Bank of Japan, alongside global commercial institutions like JPMorgan Chase and Citi. Launched in 2024, Project Agorá aims to explore how tokenization can improve wholesale cross-border payments, with this phase marking a key milestone. The BIS confirmed testing will continue as the project develops.
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