Major global banks, including JPMorgan, Citi, and UBS, have participated in a pilot project by the Bank for International Settlements to test tokenized cross-border payments. The initiative, named Agorá, brought together five central banks and 28 commercial organizations.
During the testing phase, approximately $1 million was processed across six currencies: US dollars, euros, British pounds, Japanese yen, Swiss francs, and South Korean won. Transactions were conducted using tokenized central bank reserves and commercial bank deposits.
A key advantage of the technology is its speed, as payments were processed on average within 80 seconds. Furthermore, placing funds in a shared ledger allowed banks to use a single record of ownership and payment status.
Another benefit is the capability for simultaneous currency clearing: banks were able to exchange currencies instantly, without waiting for each side of the transaction to settle separately. This reduces risks and costs while increasing transparency. It is known that the project operates in parallel with existing payment systems and does not replace them.
Previously, the Happy Coin News editorial team reported that the number of holders of tokenized shares had nearly doubled in the past month.
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