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BIS Project Agorá completes $1 million tokenized cross-border payments trial
The BIS said the July testing settled 800,000 Swiss francs across 17 scenarios with average settlement time of about 80 seconds.
The Bank for International Settlements said its Project Agorá has completed real value testing of tokenized wholesale cross-border payments, settling 800,000 Swiss francs, about $1 million, across 17 transaction scenarios.
Cointelegraph reported that 28 financial institutions and central banks took part in the trials, using tokenized central bank reserves and commercial bank deposits to settle payments in Swiss francs, euros, pounds sterling, Japanese yen, South Korean won, and US dollars.
The BIS said Thursday that the tests achieved an average settlement time of about 80 seconds, with participants including the Bank of England, Bank of France, Bank of Japan, Bank of Korea, and the Swiss National Bank.
Project Agorá, launched in 2024, is designed to explore whether tokenized commercial bank deposits and central bank reserves can improve cross-border wholesale payments, and the BIS said testing will continue as the project progresses.