The Bank for International Settlements is inviting financial institutions to apply to participate in Project Agorá, which will test whether tokenized deposits could enhance cross-border payment functionality through tokenized commercial bank deposits and tokenized wholesale central bank money in a public-private platform.
The project is led by the BIS, the Institute of International Finance and seven central banks, including the Federal Reserve Bank of New York. Applying institutions are expected to have significant roles in wholesale cross-border payments in the jurisdictions of the participating central banks, contribute technical expertise and test use cases, and have experience with “digital innovation initiatives.” Applications will be open until May 31, with selected participants announced in early August.
