The Bank of Korea wrapped up a live trial demonstrating cross-border payments settled using tokenized central bank reserves and commercial bank deposits in an average time of 80 seconds. This rapid settlement came from payment instruction to final confirmation, marking a significant milestone in international payment efficiency.

Project Agora Unites Banks Across Borders

Part of the broader Project Agora pilot led by the Bank for International Settlements, the trial involved 28 central banks and global financial institutions working together to test tokenized money's potential for faster, more transparent payments. South Korean banks including KB Kookmin, NH NongHyup, Shinhan, Woori, and Hana participated actively.

In total, 30 transactions unfolded across 17 unique scenarios, ranging from corporate remittances to interbank transfers and foreign-exchange payment-versus-payment settlements. Six currencies were in play, including the Korean won, US dollar, and euro, with the combined transaction value reaching about 800,000 Swiss francs. Throughout the trial, participants could track transaction status and processing routes in real time, despite the platform not being fully integrated with existing banking networks. The system’s stability under these conditions was a notable achievement.

Domestic Tokenized Reserve Transfer Proves Interoperability

Alongside the international tests, a domestic interbank transfer of 20 million won between NH NongHyup Bank and Shinhan Bank showcased the full lifecycle of tokenized reserves. This included payment instructions, issuance, transfer, and redemption via the Project Agora infrastructure. also a manual link was created between the Bank of Korea’s wholesale CBDC platform, Project Hangang, and the existing financial network to confirm interoperability.

This progress signals how tokenized reserves and digital currencies could reshape settlement processes, enhancing transparency and reducing delays. The successful international and domestic trials underline growing momentum in central banks exploring digital currencies across payment systems.

This material is informational and does not constitute financial advice.