JPMorgan, Citi, UBS and Central Banks Wrap Up Real-Value Trials of Tokenized Cross-Border Payments in Project Agorá
Infrastructure
Project Agorá, an initiative led by the Bank for International Settlements Innovation Hub, has successfully concluded real-value testing of tokenized cross-border payments. The trials involved 28 public and private entities, including major global institutions like JPMorgan, Citi, and UBS, alongside five central banks. Participants executed approximately 30 transactions totaling CHF 800,000 across six currencies, including the US dollar, euro, and Japanese yen. By utilizing a shared programmable ledger, the project demonstrated atomic settlement, which eliminates settlement risk by ensuring all asset transfers complete simultaneously. The average settlement time was reduced to 80 seconds, significantly faster than traditional cross-border payment methods. This milestone proves that tokenized commercial bank deposits and central bank reserves can function effectively within a unified, secure infrastructure. The successful execution of these trials highlights the potential for tokenization to modernize global wholesale finance by increasing transparency and reducing operational friction. This development marks a critical step toward institutional adoption of blockchain-based payment systems that maintain the safety of central bank-backed assets.
Key points
- ▸28 entities including JPMorgan, Citi, and UBS completed 30 real-value cross-border transactions.
- ▸Total transaction volume reached CHF 800,000 across six major global currencies.
- ▸Atomic settlement achieved an average completion time of 80 seconds per transaction.
- ▸Project Agorá utilized Kaleido blockchain infrastructure and ISO 20022 messaging standards.
Background
Project Agorá is a collaborative initiative coordinated by the Bank for International Settlements (BIS) Innovation Hub to explore the integration of tokenized commercial bank deposits with tokenized central bank money. It aims to address inefficiencies in the current wholesale cross-border payment system, such as high costs, slow settlement times, and lack of transparency. The project focuses on creating a shared, programmable ledger that allows for atomic settlement while ensuring central banks retain control over their respective currencies.
Relevance
9.5/10