Frontier AdoptionEvidence-graded tracking of what's actually live

Deployments · platform by Bank of Korea

Bank of Korea Project Hangang (deposit tokens on a wholesale CBDC)Updated 7 Nov 2026

A Bank of Korea programme in which commercial banks issue won deposit tokens to the public and settle between themselves in a wholesale CBDC on a ledger the central bank runs. A first live test from April to June 2025, through seven banks' apps and a 5 million won cap per person, drew about 81,000 wallets and 114,880 transactions at merchants including 7-Eleven and Ediya Coffee. A second phase with nine banks, up to 500,000 users, person-to-person transfers and government subsidy payments was announced for September 2026; its start was not confirmed by the sources used.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Pilot since 1 Apr 2025[1] — Phase 1 live test ended June 2025; phase 2 due from September 2026 but not confirmed started as of 2026-10-12. · Reviewed 21d ago

Assets
Bank depositWholesale central-bank money[1]
Won deposit tokens issued by participating banks
[3]
Bank of Korea wholesale CBDC used for interbank settlement
Networks
Project Hangang ledger Private, permissioned[3]
Use cases
Merchant payments[2]Primary issuance[1]Programmable payments[3]
Jurisdictions
South Korea

Participants

Metrics

  • ~81,000 walletsPhase 1 wallets · as of Jun 2025[2]
  • 114,880 transactionsPhase 1 transactions · as of Jun 2025[2]

Timeline

  1. Happened 20 Jul 2026 · Announcement · recorded 12 Oct 2026
    Phase 2 live testing is set to start in September, open-ended, for up to 500,000 users across nine banks, adding person-to-person transfers and biometric approval.[2]
  2. Happened 19 Mar 2026 · Announcement · recorded 12 Oct 2026
    Phase 2 is announced with nine banks and a first government use, paying EV-charger subsidies in deposit tokens.[3]
  3. Happened Jun 2025 (month only) · Volume milestone · recorded 12 Oct 2026
    Phase 1 ends with about 81,000 wallets and 114,880 transactions.[2]
  4. Happened 1 Apr 2025 · Launch · recorded 12 Oct 2026
    Phase 1 live test opens to up to 100,000 members of the public through seven banks' apps, with a 5 million won cap per person.[1]

Sources

  1. [1]BOK to conduct real transaction test of digital currency next month — The Korea Times, 24 Mar 2025. Accessed 12 Oct 2026.C
  2. [2]Bank of Korea Scales Up CBDC Pilot With Half a Million Users — Decrypt, 20 Jul 2026. Accessed 12 Oct 2026. Cites Yonhap; phase 1 figures and phase 2 plan..C
  3. [3]South Korea to test digital won deposit tokens for government subsidies — Unlock Blockchain, 19 Mar 2026. Accessed 12 Oct 2026.C
  4. [4]Chainlink LG CNS Partnership Brings Oracle Infrastructure to the Builder Behind Korea's Project Hangang - Genfinity — Genfinity, 22 Oct 2026. Accessed 7 Nov 2026.C

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