Project Agorá has shown that tokenisation and programmable technologies can address long‑standing inefficiencies in wholesale cross‑border payments. The prototype carried out atomic settlement of cross‑border transactions across multiple currencies and jurisdictions using tokenised central‑bank reserves and tokenised commercial‑bank deposits as settlement assets. The results confirm that safety and integrity can be maintained in a tokenised ecosystem. The Eurosystem, which includes the European Central Bank and the 21 euro‑area central banks, participated in the project, which is managed by the Bank for International Settlements and the Institute of International Finance with more than 40 financial institutions. Future work will focus on real‑value testing and will inform the Eurosystem’s Appia and Pontes initiatives, which aim to link distributed ledger technology to TARGET services and build a European tokenised financial ecosystem.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
Made by AI. If you spot anything of concern write us at contact@cybach.com. We’ll promptly correct irregularities.