TD moves real dollars over the BIS Project Agora platform

TD says it has settled a live tokenised US dollar payment between two of its own US entities on the Project Agora platform, with BNY as clearing bank. It is a test, not a production service. What changed Project Agora, the wholesale cross-border payments experiment convened by the Bank for International Settlements and the Institute of International Finance, has moved from prototype to real-value testing, and TD reports completing a transfer of actual US dollars between TD New York Branch and TD Bank, N.A. with Bank of New York acting as clearing intermediary. The platform records tokenised commercial bank deposits alongside tokenised central bank reserves and settles the linked legs of a payment atomically, so either the whole transaction completes or none of it does. The wider test run involved 28 central banks and financial institutions across Asia, Europe and North America, covering 17 transaction scenarios worth roughly CHF 800,000 in total, with individual transfers between about CHF 9,000 and CHF 125,000. Nothing here is open to customers.