Project Agorá’s real-value testing settled 30 live, multi-currency transactions worth approximately CHF 800,000, with atomic settlement averaging about 80 seconds. The tests involved 28 commercial institutions and five central banks. The result shows how tokenised commercial bank deposits and central bank reserves could support faster cross-border settlement, though it does not establish that settlement latency has been eliminated. The project’s prototype found that tokenisation did not change the legal character or regulatory obligations of deposits and reserves. Its design also let participating institutions conduct compliance checks concurrently. Seven more commercial banks joined in September 2026, taking private-sector participation to nearly 50 institutions. At Sibos in October, banking executives described the testing pipeline as a step towards production trials alongside the European Central Bank’s Pontes platform. The Federal Reserve Bank of New York did not participate in the live test transactions, an important qualification for the US dollar tests.

Project Agorá completed real-value testing in July 2026, settling about CHF 800,000, or roughly $1 million, across 17 transaction scenarios. The trials averaged approximately 80 seconds for settlement across six currencies without direct integration into core real-time gross settlement systems. A May report from the Bank for International Settlements and the Institute of International Finance confirmed the technical feasibility of atomic settlement and legal finality across participating jurisdictions. The initiative combines tokenized central bank reserves on jurisdictional ledgers with tokenized commercial bank deposits on a shared ledger. It is intended to modernize, not eliminate, correspondent banking and the two-tier monetary framework. More than 40 private institutions participate in the wider project, while a subgroup of 28 financial institutions and central banks conducted the real-value tests. The Bank of Canada has also joined the central bank consortium, alongside the original seven participants.