The Bank of Korea said on Thursday it had completed a real-value transaction trial on the digital currency platform developed under Project Agora, an international initiative led by the Bank for International Settlements. The trial confirmed that the platform’s key functions and business processes operated stably in a near-live environment.
Project Agora was launched in April 2024, with the Bank of Korea joining the initiative alongside other central banks to develop a tokenized cross-border payments platform. The central bank said it will now participate in the project’s next phase, which will involve additional real-world transaction testing.
JUST IN from Korea.
KB Bank runs deposit-token settlement with Japan’s MUFG.
KB Kookmin Bank successfully tested cross-border deposit-token payments with MUFG for next-gen settlement…
What it means for global teams: pic.twitter.com/H3xBbziAnt
— CoinEasy | Web3 Simplified (@Coiniseasy) July 30, 2026
Different regions are backing different blockchain payment networks
Central banks are supporting different blockchain payment networks because their priorities vary across regions. China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia have focused on Project mBridge, which uses wholesale central bank digital currencies to reduce reliance on traditional correspondent banking and improve direct cross-border settlements.
Meanwhile, France, Switzerland, and Singapore worked on Project Mariana to test whether wholesale CBDCs could make foreign exchange transactions more efficient. Together, these efforts are building evidence on which models can support faster, lower-cost cross-border payments without disrupting existing banking infrastructure.
How Project Agora differs from CBDCs
Project Agora is built for transactions between commercial banks and other regulated financial institutions. Instead of creating a new digital currency for consumers, the initiative tests how tokenized commercial bank deposits can work alongside central bank money to settle cross-border payments on shared digital infrastructure.
This approach allows central banks to modernize wholesale payment systems without changing how consumers access or use money. It also avoids many of the policy questions tied to retail CBDCs, such as their effect on bank deposits, financial privacy, and the role of commercial banks. As a result, many monetary authorities have directed more attention toward wholesale tokenization as a practical way to improve financial market infrastructure while keeping the existing banking system intact.
Meanwhile, the Bank is prepared to launch the second phase of the CBDC pilot, bringing deposit tokens closer to commercial use while lawmakers continue debating a won-backed stablecoin.
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