South Korea Advances Cross-Border Payments With Project Agora

TLDR

• South Korea completes live cross-border payment tests under Project Agora today.
• Tokenized reserves supported settlements across six major global currencies.
• Institutions tested 17 payment scenarios worth about 800,000 Swiss francs in total.
• Bank of Korea transferred 20 million won between banks using tokenized reserves.
• KB Kookmin completed a yen deposit token payment test with Japan’s MUFG Bank.

South Korea has completed live cross-border payment tests under Project Agora, marking a new step in tokenized settlement infrastructure. The Bank of Korea used tokenized central bank reserves across several transaction types and confirmed stable platform operations. The test linked domestic banks with international institutions across six major currencies.

Twenty-eight central banks and financial institutions joined the exercise, including five commercial banks from South Korea. KB Kookmin, NongHyup, Shinhan, Woori, and Hana Bank represented the country during the testing phase. Participants processed transactions worth about 800,000 Swiss francs through 17 separate scenarios.

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