BIS Project Agorá settles $1M in tokenized cross-border payments, proving faster, secure wholesale settlements in real-value testing.
- The Bank for International Settlements (BIS) successfully completed a trial for Project Agorá, settling $1 million in tokenized cross-border payments using real money across six currencies in an average of 80 seconds.
- The trial involved 28 financial institutions and central banks, demonstrating faster, safer, and more transparent wholesale settlements through tokenized central bank reserves and commercial bank deposits.
- While still a research project, the successful trial indicates growing institutional interest in tokenization for improving international payment efficiency without compromising the existing banking system's safety.
Topics: Payment system integration, Institutional adoption, Blockchain usage, Cross border settlement, Banking depository pilots, Ethereum evm l 1 s
Tags: #projectagora #bis #tokenizedpayments #crossbordersettlement #centralbankreserves #wholesalepayments #jpmorganchase #citi #iso20022 #atomicsettlement