Global banks test tokenized money for cross-border payments in $1 million BIS pilot

Twenty-eight major banks, including JPMorgan, Citi, and UBS, successfully completed real cross-border payments using tokenized central bank reserves and commercial bank deposits in a BIS-led pilot called Project Agorá. The test processed roughly $1 million across six currencies, settling transactions in about 80 seconds on a shared ledger. The project aims to reduce risks and costs in cross-border payments by enabling simultaneous foreign-exchange settlement and a single shared record of ownership.