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BIS: Project Agorá shows tokenisation can improve wholesale cross-border payments; moving to real-value testing

Published Quote last verified

  • Tokenized deposits
  • CBDC

Executive summaryFact

The BIS said the Project Agorá prototype showed atomic settlement of wholesale cross-border transactions using tokenised central bank reserves and tokenised commercial bank deposits, and that work will advance to real-value testing. It noted tokenisation does not alter the legal characterisation of reserves or deposits.

Primary source: Bank for International Settlements ↗

Key factsFact

Jurisdiction
Global
Source
Bank for International Settlements
Source tier
Tier 1 · Regulator / central bank

From the sourceFact

“The project has shown the possibility of completing atomic settlement of wholesale cross-border transactions using tokenised central bank reserves and tokenised commercial bank deposits.”

Verbatim from Bank for International Settlements✓ string-matched against the live page 2026-10-22

Why it matters for banksAnalysis

Participating and observing banks get evidence that tokenised deposits can settle against tokenised reserves across currencies, supporting the case for deposit tokens in correspondent banking.

Editorial analysis based on the facts above and the sources below; not legal or investment advice.

Sources and evidence

Evidence types: how we classify sources.

AIAI-assisted: summary and analysis were drafted with AI from the primary source and are the editor’s responsibility. AI-drafted from the primary source; quote string-matched by scripts/verify.mjs. Methodology · Corrections · Report an error

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