Payments

Second in a three-part series on Project Agorá, which is testing tokenisation to improve cross-border payments. We now turn to competing initiatives, before completing the series with a final article on the lessons for treasurers.

A public-private project led by the Bank for International Settlements (BIS), Agorá aims to make wholesale cross-border payments faster and safer through a shared, programmable platform on which tokenised central bank reserves and commercial bank deposits circulate. The prototype was tested with real money in July, with no launch date so far.

What sets Agorá apart

Agorá stands out by bringing central bank reserves and bank deposits, in several currencies, onto a single platform and settling both in a single operation. The other initiatives each cover only part of this.

Initiative Run by Money on the ledger Status, October 2026 For a treasurer
Project Agorá BIS and Institute of International Finance (IIF), 8 central banks, more than 40 institutions Tokenised reserves and deposits, multi-currency Prototype; real-value tests in July, more planned Through participating banks, once a service opens
Swift blockchain ledger Swift, 17 pilot banks Banks’ tokenised deposits; final settlement through existing systems First live use since July; first interbank payment in August Through your bank, with no visible change for the client (ANZ, BHP and Citi, September)
Pontes, then Appia Eurosystem Euro central bank money for distributed ledger technology (DLT) platforms Pontes live since 21 September; full functionality and Appia blueprint by 2028 Indirect, through tokenised securities and market platforms
mBridge Central banks of China, Hong Kong, Thailand and the UAE, joined by Macao in 2026 Wholesale central bank digital currencies (CBDCs) only BIS withdrew in 2024; commercial launch reported as near Corridors between its members
Single-bank tokenised deposits Individual banks, e.g. HSBC, J.P. Morgan, Citi One bank’s tokenised deposits Live; HSBC’s service covers six markets Direct product; 24/7 transfers within one bank’s network
Regulated stablecoins Private issuers under MiCA or the US GENIUS Act Privately issued tokens backed by reserve assets Live and growing Direct, but a claim on a non-bank issuer, not a deposit

The alternatives

Swift’s ledger is the closest alternative for corporate flows. Live for initial use since July, it handles commercial bank money only, and final settlement still goes through existing systems. Morten Bech, co-chair of the project, said Agorá is not connected to it today, although Swift takes part in the project, and that any connection is for the banks to decide.

In Europe, the Eurosystem has launched two initiatives. Pontes, launched on 21 September, lets DLT platforms settle in euro central bank money; Appia is the longer-term blueprint. According to Bech, the ECB’s work refers to Agorá mainly in the context of Appia, and the two should eventually be integrated.

mBridge follows a different model: central bank money only, between the central banks of China, Hong Kong, Thailand and the United Arab Emirates, joined by Macao in 2026. The BIS withdrew in October 2024, and Saudi Arabia stopped taking part in May 2025, which only became public in September 2026.

What is already available

Unlike Agorá, several tokenised deposit solutions are already live for companies. On 30 September, ANZ settled US dollar payments for BHP between Melbourne and New York on Swift’s ledger, with Citi. BHP used its usual ANZ account and channel: the tokenised deposits, issued by two different banks, moved with no visible change for the company.

Large banks also offer their own networks. Kinexys Digital Payments, at J.P. Morgan, enables 24/7 transfers, including on public holidays, between group entities or to counterparties, from the United States and several European and Asian locations. Citi Token Services works on the same principle in seven markets, including the United States, the United Kingdom and Ireland; HSBC’s tokenised deposit service covers six.

These solutions share one limitation: they operate within a single bank’s network or a circle of pilot banks. Agorá, by contrast, aims for a common infrastructure settled in central bank money.

Stablecoins from a treasurer’s perspective

Regulated stablecoins can be used by a company today, without any common banking infrastructure. In Europe, the MiCA regulation restricts issuance to credit institutions and electronic money institutions, guarantees holders redemption at par and prohibits any interest. In the United States, the GENIUS Act, signed into law on 18 July 2025, requires segregated reserves at least equal to the tokens issued and also prohibits paying interest to holders.

For a treasurer, the difference from a deposit lies in the nature of the claim: a stablecoin is a claim on its issuer, backed by reserves but outside deposit insurance. Banking groups issue them too: SG-FORGE, a Société Générale subsidiary authorised as an electronic money institution by the French supervisor ACPR, offers MiCA-compliant euro and dollar stablecoins.

In June 2025, the BIS concluded that stablecoins fail its tests of singleness, elasticity and integrity. Agorá can be read as the public sector’s alternative: tokenised money that stays within the banking system.

Timeline of initiatives

Milestones 2024-2028 · 12 events

Agorá remains at the testing stage while Swift’s ledger and Pontes go live; the next known milestone is 2028, for Pontes and Appia.

Sources

Redbridge / Market Intelligence / Payments / Project Agorá (2/3): Agorá and competing initiatives
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