I finally read the Project Agorá prototype report — published 27 May, ten weeks ago — rather than the explainers. What surprised me wasn’t the tokenisation. It was the architecture.
The prototype runs two layers: a unifying ledger holding tokenised commercial bank deposits, accessible to all participants, and separate jurisdictional ledgers holding tokenised central bank reserves. The report traces this to a business requirement that central banks retain full control over their reserves, and notes the requirement shaped the architecture. It also says the allocation is a design choice for the prototype rather than a fixed constraint — reserves could sit on the unifying ledger instead.
Six Korean banks are in the participant list, including KB Kookmin, which I wrote about last week without knowing it was here. Korea next.