Bank of Korea Reveals Results of Tokenized Deposit Testing

cryptonews.ruPublished on 2026-07-31Last updated on 2026-07-31

Abstract

The Bank of Korea has announced the results of its pilot test for tokenized deposits. Involving 28 central banks and international financial organizations, the project saw participation from major South Korean banks including KB Kookmin Bank, NH NongHyup Bank, Shinhan Bank, Woori Bank, and Hana Bank. Transactions, from payment orders to final settlement, were completed in real time, averaging just 80 seconds. The test involved 30 transactions across 17 different scenarios—such as corporate and interbank transfers—and was conducted in six currencies, including the Korean won, US dollar, and euro, with a total transaction value reaching approximately $995,000. The central bank reported that the platform operated stably throughout, despite being only partially connected to the existing banking infrastructure. Settlements using tokenized deposits were executed seamlessly, quickly, and transparently. An internal transfer of 20 million won (about $13,890) between NH NongHyup Bank and Shinhan Bank was also successfully processed via the Project Agora platform, which involved connecting to the Bank of Korea's CBDC test platform, Project Hangang. Additionally, KB Kookmin Bank and Japan's MUFG Bank tested cross-border payments using these deposit tokens—digital certificates issued by commercial banks within the pilot, not directly by the central bank. The Bank of Korea plans to continue testing payments with tokenized deposits. This follows last year's pledge by South Korean authorit...

The central bank of South Korea reported that transactions were conducted in real-time. The pilot project involved 28 central banks and international financial organizations. Participants from South Korea were KB Kookmin Bank, NH NongHyup Bank, Shinhan Bank, Woori Bank, and Hana Bank.

The entire process, from payment instructions to final settlement, took an average of one minute and 20 seconds. Final settlement took an average of 80 seconds. During testing, participants conducted 30 transactions across 17 different scenarios, including corporate and interbank money transfers. Settlements were carried out in six currencies, including the Korean won, US dollar, and euro. The total transaction value reached about 800,000 Swiss francs ($995,000).

The central bank stated that the platform operated stably throughout the trial, despite working in an environment only partially connected to the existing banking infrastructure. Even with limited compatibility with payment networks and banking computer systems, settlements with tokenized deposits were conducted seamlessly, quickly, and transparently, assured the central bank.

The central bank also conducted an internal transfer of 20 million won ($13,890) between two local banks, NH NongHyup Bank and Shinhan Bank. The entire process—sending payment instructions, issuing, transferring, and redeeming tokens—went through the Project Agora platform. The transaction involved manually connecting Project Hangang, the Bank of Korea's wholesale central bank digital currency (CBDC) launch platform, to the central bank's existing network to test compatibility.

Additionally, South Korea's KB Kookmin Bank and Japan's MUFG Bank completed testing of payments using deposit tokens. These tokens are digital certificates issued by banks within the pilot project but are not directly issued by the central bank. The Bank of Korea plans to continue testing payments with deposit tokens.

Last year, South Korean authorities pledged to tighten regulation of won-based stablecoins—their launch requires approval from the Bank of Korea and the Financial Services Commission (FSC).

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Related Questions

QWhat was the average time from payment instruction to final settlement in the Bank of Korea's tokenized deposit pilot?

AThe entire process, from payment instructions to final settlements, took an average of one minute and 20 seconds. The final settlement itself averaged 80 seconds.

QWhich South Korean banks participated in the Bank of Korea's pilot project for testing tokenized deposits?

AThe participating South Korean banks were KB Kookmin Bank, NH NongHyup Bank, Shinhan Bank, Woori Bank, and Hana Bank.

QWhat was the total value of transactions processed during the test, and in what currency is this figure expressed?

AThe total transaction value reached about 800,000 Swiss francs, which is approximately $995,000.

QWhat platforms were used to facilitate the internal transfer test between NH NongHyup Bank and Shinhan Bank?

AThe internal transfer was processed through the Project Agora platform. It also involved a manual connection to Project Hangang, the platform for the Bank of Korea's wholesale CBDC, to test compatibility.

QWhat are deposit tokens in the context of this pilot project, and who issues them?

AIn this pilot project, deposit tokens are digital certificates issued by the participating commercial banks, not directly issued by the central bank.

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