BIS project finds tokenization could make cross-border payments faster, safer

Project Agorá, a Bank for International Settlements initiative involving seven central banks and over 40 financial institutions, found that tokenizing central bank reserves and commercial bank deposits could significantly speed up and improve cross-border payments by enabling atomic settlement across currencies and jurisdictions. The project, which includes major central banks like the Federal Reserve, Bank of England, and Bank of Japan, plans to advance from simulations to testing real-value transactions on blockchain. Tokenization is increasingly being adopted across Wall Street to modernize finance by moving assets onto blockchain networks.