BIS Project Agorá demonstrates real‑value tokenised cross‑border payments

The Bank for International Settlements (BIS) and the Institute of International Finance ran a live pilot, Project Agorá, in which 28 banks and financial institutions completed real‑value cross‑border payments totalling about CHF 800,000 across 17 scenarios. The tokens represented central‑bank reserves and commercial deposits rather than private stablecoins, and the average settlement time was roughly 80 seconds despite the prototype not being linked to real‑time gross‑settlement systems. The trial was coordinated by SIX and built on Kaleido’s blockchain platform.

Lloyds Banking Group took part as a customer bank, executing three tokenised‑deposit transactions in Swiss francs, euros and sterling. By linking currency conversion, payment and settlement into a single step, the tests showed how tokenisation can improve transparency and reduce friction in wholesale cross‑border payments. Project Agorá brings together eight central banks and more than 40 private‑sector institutions to explore programmable money on shared infrastructure.