The Bank for International Settlements Innovation Hub has published an update on Project Agorá, an initiative to test the desirability, feasibility and viability of a multi-currency unified ledger for wholesale cross-border payments using tokenisation. The project focuses on creating digital representations of commercial bank deposits and central bank reserves to support secure and verifiable settlement in central bank money. The update highlights that Agorá is being developed as a public-private partnership bringing together seven central banks and over 40 financial institutions, and is exploring capabilities such as smart contracts and atomic transactions while preserving depositor-bank relationships. Work also covers regulatory and legal considerations, including how tokenised money could comply with settlement finality requirements and anti-money laundering and countering the financing of terrorism rules across jurisdictions. The project has moved from design into prototype building, with the combined first phase expected to conclude in the first half of 2026 alongside publication of a report on lessons learned.
Bank for International Settlements - Innovation Hub 2025-10-14
Bank for International Settlements Innovation Hub reports progress on Project Agorá prototype for tokenised wholesale cross-border payments
The Bank for International Settlements Innovation Hub has updated on Project Agorá, which tests a multi-currency unified ledger for wholesale cross-border payments using tokenisation. The project, involving seven central banks and over 40 financial institutions, is now in the prototype phase, with completion expected in the first half of 2026.