Project Agorá settled approximately CHF 800,000 in live, multi-currency transactions during a July 2026 testing phase. The work examined a cross-border payment model that places tokenised commercial bank deposits on a shared ledger while holding tokenised central bank reserves on jurisdictional ledgers. Five central banks participated directly in live-reserve settlement, although the project’s wider central-bank group has since expanded to eight with the Bank of Canada’s entry. The project reports an average settlement time of 80 seconds across six currencies and uses smart contracts to run anti-money laundering, sanctions and fraud checks simultaneously. Legal analyses found that tokenisation did not change the underlying character of deposits or reserves in participating jurisdictions. The findings support further work on deposit-based wholesale settlement, but the supplied research does not establish that the approach outperforms stablecoins. The Eurosystem plans to draw on Agorá’s architecture for Projects Pontes and Appia.

The Monetary Authority of Singapore has added Bank Negara Malaysia and the Bank of Thailand as policymaker members of BLOOM, its initiative for cross-border settlement using tokenized commercial bank deposits and regulated stablecoins. Announced on October 23, 2026, the expansion also brings in nine industry and multilateral participants, including Visa, Mastercard, Ripple, Maybank and the World Bank Group. BLOOM is working on whether digital money can be accepted and settled across jurisdictions, move between different ledger networks and carry programmable compliance controls. Those questions are particularly relevant where foreign exchange rules restrict convertibility or offshore holdings. Bank Negara Malaysia is separately running three domestic wholesale pilots involving ringgit stablecoins and tokenized deposits and expects to issue guidance by late 2026. Existing work includes a Maybank cross-border ringgit-to-Singapore-dollar transaction and a Ripple test of conditional trade finance payments. Neither establishes that BLOOM has resolved the regulatory and technical barriers to broader cross-border settlement.

JPMorgan Chase’s Kinexys division announced on October 19, 2026, that JPM Coin is live on Ethereum mainnet for approved institutional clients. The dollar-denominated token, also known as JPMD, represents a one-to-one claim on deposits held at JPMorgan. Its Ethereum deployment extends availability beyond Coinbase’s Base network and allows approved counterparties to initiate peer-to-peer transfers around the clock across Ethereum Virtual Machine networks. The expansion does not make JPM Coin a retail product or open it to decentralized exchange trading. Unlike a reserve-backed stablecoin issued by a non-bank entity, JPMD is a permissioned commercial bank deposit token. JPMorgan first deployed it on a public blockchain through Base in November 2025, following a pilot with B2C2, Coinbase and Mastercard. Kinexys says it is also working to issue JPM Coin natively on the Canton Network during 2026 for privacy-enabled institutional financial market settlement.

Project Agorá completed real-value testing in July 2026, settling about CHF 800,000, or roughly $1 million, across 17 transaction scenarios. The trials averaged approximately 80 seconds for settlement across six currencies without direct integration into core real-time gross settlement systems. A May report from the Bank for International Settlements and the Institute of International Finance confirmed the technical feasibility of atomic settlement and legal finality across participating jurisdictions. The initiative combines tokenized central bank reserves on jurisdictional ledgers with tokenized commercial bank deposits on a shared ledger. It is intended to modernize, not eliminate, correspondent banking and the two-tier monetary framework. More than 40 private institutions participate in the wider project, while a subgroup of 28 financial institutions and central banks conducted the real-value tests. The Bank of Canada has also joined the central bank consortium, alongside the original seven participants.

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.

The Monetary Authority of Singapore conducted two pilot issuances of tokenized MAS Bills settled using wholesale Singapore dollar central bank digital currency on the SGD Testnet in September and October 2026. The first issuance, on September 23, was S$1 million and matured after one week. The second was S$10 million and matures on October 23. MAS Managing Director Chia Der Jiun described the settlement initiative in an October 9 keynote at the INSEAD Digital Finance & Agentic AI Summit. The trials are limited to institutional investors and primary dealers, not retail users. They extend the SGD Testnet’s use beyond the interbank overnight lending transactions it first settled among DBS Bank, OCBC and UOB in November 2025. The pilot amounts are experimental compared with standard MAS Bill auctions, which regularly exceed S$10 billion. MAS is also consulting on amendments to the Payment Services Act for its Single-Currency Stablecoin framework, with the consultation closing on October 16.