Global Banks Unite for Tokenized Cross-Border Payments

Seven major financial institutions have joined Project Agorá, a BIS-led initiative exploring tokenized deposits and central bank reserves for wholesale cross-border payments. Barclays, BMO, CIBC, Rabobank, RBC, Scotiabank, and Wells Fargo are the new participants, spanning four jurisdictions.

The project now involves eight central banks, with the Bank of Canada joining in May. A private sector group approaches 50 institutions.

The Canadian presence is striking, with five of Canada's big six banks participating: BMO, CIBC, RBC, Scotiabank, and TD Bank through its US subsidiary. National Bank of Canada is absent.