Some of the world's biggest banks have completed real cross-border payments using tokenized money in a test led by the Bank for International Settlements (BIS), another sign that tokenization is moving into the plumbing of global finance. The pilot used tokenized central bank reserves and commercial bank deposits to settle corporate, interbank payments perand foreign exchange settlements. Project Agora real-value testing setup (BIS/Project Agorá)The project fits into a broader shift as stablecoins and tokenized assets gain traction across global finance. Asset managers have begun issuing tokenized money market and private credit funds, while stablecoins are increasingly being used for cross-border payments and corporate treasury operations. A new model for cross-border paymentsProject Agorá explores whether the same technology can modernize the infrastructure banks use to move money internationally.