Project Agorá Sets New Standard with Real-Value Tokenized Cross-Border Payment Trials

Project Agorá, an initiative by the Bank for International Settlements (BIS), has successfully completed real-value testing for tokenized wholesale cross-border payments. The trials involved settling $1 million across 17 transaction scenarios, with 28 financial institutions and central banks participating.

The experiment used tokenized central bank reserves and commercial bank deposits to settle funds across six major currencies, including the Swiss franc, euro, pound sterling, Japanese yen, South Korean won, and US dollar. The average settlement time was approximately 80 seconds, demonstrating the potential for rapid finality in international transactions.

The breadth of participation gave the test a multijurisdictional character, with institutions operating under different governance arrangements, currencies, and internal systems working together seamlessly. This feat is particularly noteworthy, as it highlights the technical compatibility and synchronized processes required to facilitate wholesale cross-border payments.