The cross-border payment test for the $1 million tokenized funds led by the Bank for International Settlements' Project Agorá has been completed

According to The Block, the Project Agorá led by the Bank for International Settlements (BIS) has completed a real test of cross-border payments, with participation from five central banks and 28 commercial banks, including JPMorgan Chase, Citigroup, UBS, Deutsche Bank, and Standard Chartered. The test utilized tokenized central bank reserves and commercial bank deposits, completing approximately $1 million in real transactions involving six currencies: USD, EUR, GBP, JPY, CHF, and KRW, with an average settlement time of about 80 seconds.

The test used a shared ledger, allowing banks to complete transactions on a single record, and tested synchronized foreign exchange settlements to reduce counterparty risk. Project Agorá is one of several wholesale tokenization projects aimed at exploring how digital technology can modernize the infrastructure of global financial markets.