The Bank for International Settlements (BIS) has launched Project Agora, a blockchain initiative designed to transform cross-border payments, with participation from major banks and credit card companies like JPMorgan Chase, Deutsche Bank, and Visa. Agora aims to create a platform for trading tokenized assets using digital currencies issued by central banks, enhancing the security and efficiency of international transactions. The project has attracted 41 private-sector firms and seven central banks from key regions including the US and Europe, reflecting a significant collaborative effort in the financial sector. Morten Bech, the project lead, highlighted the importance of working with the Institute of International Finance to streamline participant onboarding due to the project's scale. Agora is considered the largest initiative by the BIS to improve financial infrastructure and is expected to lay the groundwork for a new regulated market. Alongside Agora, the BIS is also advancing another project, mBridge, aimed at facilitating instant cross-border payments.