JPMorgan, Citi, UBS Complete Cross-Border Payments Using Tokenized Central Bank Reserves in BIS Pilot

On July 30, 2026, the Bank for International Settlements and major commercial banks, including JPMorgan, Citi, and UBS, completed a $1 million cross-border payment pilot called Project Agorá. Using tokenized central bank reserves and commercial bank deposits on a shared ledger, the system settled transactions across six currencies in an average of 80 seconds. The test demonstrated simultaneous foreign exchange settlement to reduce default risks while operating alongside existing payment infrastructures.

Project Agorá cross-border payment pilot

• ▪Project Agorá processed approximately $1 million across 30 transactions in six currencies, including the U.S. dollar, euro, yen, pound, franc, and won.
• ▪The Bank for International Settlements led Project Agorá to complete real cross-border payments using tokenized money, as reported on July 30, 2026.
• ▪Project Agorá involved five central banks and 28 commercial lenders, including JPMorgan, Citi, UBS, Deutsche Bank, and Standard Chartered.

Tokenized central bank reserves

• ▪Tokenized central bank reserves in Project Agorá represent traditional bank money used by commercial banks to settle transactions with one another.
• ▪The Project Agorá pilot used tokenized central bank reserves to settle corporate, interbank payments, and foreign exchange settlements.

Commercial bank deposit tokenization

• ▪Unlike privately issued stablecoins, Project Agorá tokenizes traditional commercial bank deposits alongside central bank reserves.
• ▪The Project Agorá pilot utilized tokenized commercial bank deposits held by customers to settle cross-border payments.

Shared ledger settlement infrastructure

• ▪The Project Agorá prototype operated alongside existing payment systems without being directly integrated into the banks' existing payment infrastructure.
• ▪Transactions in the Project Agorá pilot settled in an average of approximately 80 seconds on a shared ledger.
• ▪The Project Agorá pilot placed tokenized money on a shared ledger, allowing participating banks to share a single record of ownership.

Simultaneous foreign exchange settlement

• ▪Project Agorá tested foreign exchange payments by allowing banks to exchange two currencies at the same time instead of waiting for one side to settle.
• ▪Simultaneous foreign exchange settlement in Project Agorá reduces the risk of one party sending money without receiving the counter-currency.

Wholesale tokenization initiatives

• ▪The broader shift toward tokenized financial assets includes asset managers issuing tokenized money market and private credit funds.
• ▪Project Agorá is one of several wholesale tokenization efforts by central banks and commercial lenders to modernize global financial market infrastructure.