The Bank for International Settlements’ Project Agorá, involving five central banks and 28 commercial banks including JPMorgan, Citigroup, UBS, and Deutsche Bank, completed a real-money test of about $1M in cross-border transactions across six currencies. It used tokenized central bank reserves and commercial bank deposits, with about 80-second average settlement times.
Matters because: It shows continued institutional progress on tokenized wholesale settlement infrastructure, even if the pilot is still small-scale and has no immediate market impact.