Project Agorá completed a controlled real-value testing phase in late July 2026, processing approximately 800,000 Swiss francs across 30 live transactions in six currencies. The project records tokenised commercial bank deposits and central bank reserves on a shared programmable ledger, with an average initiation-to-settlement time of about 80 seconds. The Bank of Canada has joined as its eighth participating central bank, while commercial financial institutions are taking on deeper operational testing responsibilities. Convened by the Bank for International Settlements and the Institute of International Finance, Agorá is examining a model for cross-border payments that preserves the roles of commercial and central bank money. BIS General Manager Pablo Hernández de Cos argued in August that stablecoins lack the institutional credibility and singleness of money needed for systemic settlement. The tests demonstrate live transactions, but conflicting participant counts and uncertainty about the US dollar settlement leg limit broader conclusions about the project’s results.