BIS Completes Phase 1 of Project Agorá: Tokenized Commercial Bank Deposits for FX

The Bank for International Settlements (BIS), in collaboration with seven central banks including the Bank of Japan, Bank of England, and Federal Reserve Bank of New York, announced the successful completion of Phase 1 of Project Agorá.

The initiative demonstrates how tokenized commercial bank deposits can settle cross-border wholesale transactions atomically in seconds, substantially reducing foreign exchange counterparty risks and eliminating multi-day correspondent banking delays.