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

Project Agorá, backed by major central banks, will now move toward "real-value" testing to settle tokenized central bank money and bank deposits on blockchain rails. What to know : Project Agorá, backed by the Bank for International Settlements, found that tokenizing central bank reserves and commercial bank deposits could significantly improve the speed and reliability of payments across borders. With major central banks like the New York Fed, Bank of England and Bank of Japan involved, members now plan to move from simulations to testing real-value transactions. Tokenization is gathering steam among Wall Street firms to modernize finance, bringing assets like stocks, bonds and funds onto blockchain rails.