TD Bank Tests Tokenized Payments
TD Bank announced a successful test of tokenized cross-border payments between its entities using the BIS's Project Agorá platform, settling transactions.
TD Bank announced on Monday, August 31, that it successfully completed a real-value test of tokenized cross-border payments. The transaction was between TD New York Branch and TD Bank, N.A. The Bank of New York acted as the clearing intermediary.
This test was part of Project Agorá. It is a public-private initiative convened by the Bank for International Settlements and the Institute of International Finance. The project explores using tokenization and distributed ledger technology for wholesale cross-border payments.
Test Details and Results
TD stated the test demonstrated the ability to issue tokenized money on the Agorá platform. It facilitated instant movement of funds. Settlement between the two TD entities was atomic. The bank called this a key milestone. It illustrates the benefits of DLT-based money movement. It also shows the feasibility of real-money transactions on the platform.
A recent Bank for International Settlements report provided data on the speed of these tests. The real-value testing of tokenized wholesale cross-border payments showed an average settlement time of about 80 seconds. Project Agorá carried out this real-value testing in a controlled environment in July.
Project Goals and Industry Context
According to the TD news release, the work supports continued exploration of faster, more transparent, and more efficient wholesale cross-border payments. The goal is to achieve this while maintaining the safety, reliability, and integrity of the existing banking system. For more detailed financial data and analysis, see our stats page.
However, a PYMNTS report from earlier this month argued that tokenization cannot eliminate a core institutional problem in finance. "Somebody must be trusted to define the rules, honor the liabilities and remain standing when markets stop behaving normally," that report said.
Corporate Caution Persists
Despite such technological tests, corporate adoption of digital assets remains cautious. A March 2026 PYMNTS Intelligence report titled "Waiting for Certainty: Why Most CFOs Are Holding Back on Crypto and Stablecoins" found most middle-market companies are still hesitant. This broader context of market uncertainty is reflected in our standings analysis.
Usage of these assets is limited. The report found only 13% of companies use stablecoins. Just 5% use other forms of cryptocurrency.
