Project Hangang

South Korea c

2026-10-04 03:58:46

South Korea’s Crypto Market by 2030: How Institutions May Approach Stablecoins, Payments and Tokenized Assets

South Korea’s crypto market is already large by trading volume, but tokenized real-world assets remain small relative to local exchange activity. The source article argues that the country is moving into a new phase in which institutional participation, regulatory design and payment infrastructure matter more than retail trading alone. It points to Bank of Korea data showing about KRW 640 billion in tokenized real-world assets, versus 11.13 million eligible trading accounts and average daily crypto trading volume of KRW 5.4 trillion in the second half of 2025. The report lays out a 2030 scenario built around three tracks: KRW stablecoins operating alongside existing payment rails, backend settlement software becoming more valuable than consumer-facing payment interfaces, and tokenized real-world assets shifting from simple issuance toward global distribution and post-issuance operations. It also reviews overseas developments, including U.S. and European regulatory moves, tokenization efforts by major financial institutions, and examples such as UBS, J.P. Morgan, Hamco, Bridge, M0, MetaMask and Rain. For Korean institutions, the article outlines two routes. One is a domestic strategy focused on private ledgers and preparation for the local tokenized securities regime. The other is an offshore strategy aimed at global distribution under structures the Financial Services Commission said may fall outside the Electronic Securities Act under specific conditions. The broader conclusion is that timing matters: firms that move while rules are still being shaped may be in a stronger position once the market structure is finalized.

20

Bank of Korea

2026-09-21 06:52:34

Bank of Korea begins pilot for 24-hour won settlement network

The Bank of Korea has launched its first pilot for a 24-hour won settlement network aimed at allowing foreign investors to settle won-denominated transactions outside normal banking hours in South Korea. On Monday, the central bank said its international remittance network had entered a test run with four local banks: KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank. Full operations are expected to begin in January 2027, when participation will be expanded to other institutions and foreign banks. The network runs 24 hours a day on weekdays, excluding weekends and public holidays. Foreign investors can settle won transactions during business hours in their home countries through Registered Foreign Institution for Korean won business, or RFI-K, accounts, without opening accounts directly at South Korean financial institutions. The BOK said the network is expected to improve access to won settlement infrastructure for foreign investors and support the won’s international standing. The central bank also said it is involved in settlement infrastructure experiments tied to tokenization. It referenced Project Agorá, led by the Bank for International Settlements, which completed a real-value cross-border payment test in July using tokenized central bank reserves and commercial bank deposits, including the Korean won. Separately, the BOK is advancing Project Hangang, a blockchain-based pilot that uses wholesale central bank digital currency to settle tokenized commercial bank deposits.

320

LG CNS

2026-08-11 05:46:55

LG CNS to Launch Stablecoin-Focused Blockchain Service in September

According to a report by Digital Asset, LG CNS, the IT services subsidiary of South Korea's LG Group, plans to launch a new blockchain service in September. The service will be aimed at the stablecoin ecosystem, with core features that include digital wallets, transaction processing, fee payment on behalf of users, and on-chain data management. Lee Jung-hwa, the head of LG CNS's blockchain division, said that wallets are the most important infrastructure in the stablecoin ecosystem. He also said that whoever controls wallets and the channels for moving fiat currency in and out will hold a key position. LG CNS has been building relevant technology for a while. The company previously participated in the Bank of Korea's Project Hangang, through which it accumulated experience with central bank digital currencies and deposit tokens. Building on that experience, the firm also tested and validated multiple on-chain settlement models in a series of experiments.

1880

Bank of Korea

2026-07-24 10:40:57

Bank of Korea to expand CBDC pilot in September with nine banks and deposit tokens for up to 500,000 users

The Bank of Korea is preparing to widen its central bank digital currency pilot as early as September, moving Project Hangang into a second phase that adds two more banks and shifts the focus toward live transaction testing. According to ETNews Korea, the new stage will raise participating banks from seven to nine and allow as many as 500,000 users to access bank-issued deposit tokens built on central bank infrastructure. The structure uses a wholesale CBDC for interbank settlement, while commercial banks issue deposit tokens for everyday consumer and merchant payments. The second phase also introduces more banking-style functions, including peer-to-peer transfers, biometric payments, automatic top-ups, recurring payments, cash receipt generation, and interest payments. The Bank of Korea is also set to test programmable deposit tokens for government subsidy distribution for the first time. In parallel with the CBDC effort, local banks are also building infrastructure for a won-denominated stablecoin, highlighting South Korea’s broader push to modernize its financial rails through multiple forms of digital money.

1960

South Korea

2026-07-22 08:25:26

South Korea launches deposit token payment infrastructure project for private-sector use

South Korea has launched a new deposit token payment infrastructure project aimed at bringing the results of its central bank digital currency pilot into everyday private-sector payments. The initiative was started by the Korea Internet & Security Agency, or KISA, together with the Ministry of Science and ICT, and is designed to extend the outcome of the country’s CBDC pilot, Project Hangang, beyond the testing environment. The project will be overseen by the Korea Financial Telecommunications and Clearings Institute. It involves nine banks, eight payment gateways, and two large demand-side participants, with a total budget of 9.6 billion won. Rather than building a new payment network from scratch, the plan will use existing payment rails. Users will pay through bank deposit token wallets, while merchants will be able to accept payments without replacing their current terminals. According to the report, the government also plans to test deposit token use for official business travel expenses and study a treasury fund management model linked to dBrain. A key aim of the broader program is to lower payment fees for small and micro merchants.

1810

South Korea

2026-07-15 12:08:53

South Korea’s FSC approves Hangang CBDC phase 2, expanding to 9 banks and 500,000 accounts

South Korea’s Financial Services Commission approved five innovative financial services on July 15, with the Bank of Korea-led CBDC sandbox project, Project Hangang, moving into phase 2. The expansion raises participating banks from seven to nine and increases wallet capacity from 10,000 accounts to 500,000. The second phase also adds remittance functions, automatic conversion between deposit tokens and bank accounts, and biometric authentication. Individual holding limits were lifted to 10 million won per wallet and 100 million won in cumulative holdings. The FSC also revised seven existing services, bringing the cumulative number of designated innovative financial services to 1,111. According to ABMedia, the move gives the Bank of Korea a practical way to advance its bank-led CBDC approach through the regulatory sandbox while the Digital Asset Basic Act remains stalled in the National Assembly. The same approval round also included services for foreign travelers and a joint lending product from Kakao Bank and Busan Bank.

1770

Bank of Korea

2026-07-09 03:38:12

New BOK Governor Puts Digital Won Ahead of Private Stablecoins

South Korea’s new central bank chief has made CBDC and bank-issued deposit tokens the centerpiece of the country’s digital money strategy, signaling a more state-led path than one dominated by private stablecoins.

1760

Bank of Korea

2026-07-09 03:36:20

New BOK Governor Prioritizes Digital Won and Deposit Tokens Over Private Stablecoins

Bank of Korea Governor Shin Hyun-song used his first major policy speech to elevate the digital won, CBDC infrastructure, and bank-issued deposit tokens while omitting private stablecoins, signaling a more state-led approach to digital money.

1730