Toronto-Dominion Bank (NYSE: TD) has completed a live tokenized payment exercise on the Project Agorá platform, joining a broader international effort to modernize wholesale cross-border transfers while keeping settlement inside the regulated banking system.
The trial moved tokenized funds between TD’s New York branch, operating through TD Securities LLC, and TD Bank, N.A. Bank of New York Mellon acted as the clearing intermediary.
TD said the exercise formed part of Project Agorá’s real-value testing, in which participating central banks and commercial institutions processed payments across selected currencies and operational scenarios.
Project Agorá is a public-private collaboration convened by the Bank for International Settlements Innovation Hub and the Institute of International Finance.
Its core idea is to record both wholesale central bank reserves and commercial bank deposits as tokens on a shared programmable ledger.
That design aims to allow atomic settlement: related legs of a transaction either complete together or not at all.
The goal is faster, more transparent wholesale payments without discarding the legal and operational safeguards of existing bank money.
TD described the test as proof that tokenized money can be issued on the platform and moved instantly between two of its own entities, with BNY providing the clearing role.
The bank framed the work as support for continued research into quicker, clearer, and more efficient cross-border wholesale payments that still preserve the safety and integrity of the current system.
The TD transaction sits inside a larger July 2026 real-value testing program.
Twenty-eight financial institutions and central banks across Asia, Europe, and North America completed transactions totaling about 800,000 Swiss francs across six currencies: the Swiss franc, euro, pound sterling, yen, won, and U.S. dollar.
The program covered 17 scenarios, including corporate payments, interbank transfers, intra-group movements, dual-currency flows, and payment-versus-payment settlement.
Individual amounts ranged from roughly 9,000 to 125,000 Swiss francs or local equivalents.
According to the BIS, average time from payment initiation to settlement was about 80 seconds, even though the prototype was not wired into participants’ existing real-time gross settlement or core banking systems.
Institutions also highlighted end-to-end visibility of payment status and routing, plus the option to process some corporate payments directly on the platform.
The prototype used established ISO 20022 message types to interact with external banking infrastructure.
TD Bank N.A. appears on the official list of testing financial institutions alongside names such as JPMorgan, Citi, UBS, BNY, Deutsche Bank, Lloyds, MUFG, and Standard Chartered.
Central banks that took part in the live tests included the Bank of England, Banque de France for the Eurosystem, the Bank of Japan, the Bank of Korea, and the Swiss National Bank.
The wider project now includes eight central banks, among them the Bank of Canada and the Federal Reserve Bank of New York.
The initiative remains experimental.
Organizers have not committed to a production network.
Still, the combination of tokenized commercial deposits and tokenized central bank reserves on one ledger is intended to reduce reconciliation work, cut operational friction, and support always-on or conditional wholesale payments if the model ever moves beyond research.
TD’s announcement underscores how large banks are using the project to test internal as well as cross-institutional flows. For a group with substantial US and Canadian wholesale activity, the ability to issue tokenized money and settle atomically between related entities is a practical next step after the prototype phase completed earlier in 2026.