South Korea advanced two related financial infrastructure experiments on September 21, combining central bank settlement access with private-sector stablecoin trials aimed at tokenized securities.
Bank of Korea launched a 24-hour won settlement pilot. The Bank of Korea Won International Wire Network began trial operations at 9 a.m. Monday with KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank participating. The first test transaction was processed around 9:30 a.m. and was worth approximately 1.4 billion won, equivalent to roughly $1 million.
Foreign investors can settle Korean won through RFI-K accounts without opening accounts directly at Korean financial institutions. The network will operate continuously from 9 a.m. on one business day until 9 a.m. the next, closing only on weekends and public holidays. Full operation is scheduled for January 2027, when foreign banks are expected to join.
The central bank said the network is expected to improve foreigners’ access to won settlement infrastructure, eventually enhancing the currency’s international standing. The project is part of South Korea’s Won Internationalization Roadmap and runs alongside separate tokenization work under Project Agorá and Project Hangang.
Eugene Investment & Securities and BEATOZ signed a memorandum of understanding to test stablecoin settlement for tokenized securities subscriptions. The proof of concept will examine whether subscription, payment and settlement can operate within a single blockchain-based system, moving the payment leg from conventional bank accounts to stablecoins.
Eugene will contribute its securities operations experience and tokenized securities infrastructure, while BEATOZ will provide hybrid blockchain technology. Eugene built its tokenized securities platform in 2024 and participated in a Korea Securities Depository pilot in 2025. It is also part of Hana Financial Group’s won stablecoin consortium.
Eun Seok-hoon, head of Eugene Investment & Securities’ AX innovation division, called the agreement a “first step” toward infrastructure connecting tokenized securities and stablecoins. The companies have not disclosed a timetable for completing the proof of concept.
The trials arrive ahead of South Korea’s regulated tokenized securities framework, which begins when amendments to the Electronic Registration Act take effect on February 4, 2027. The first phase is expected to include selected privately pooled money market funds, institutional bonds, unlisted stocks issued through trust structures, and publicly offered fractional investment securities. Later phases may extend tokenization to public securities and introduce on-chain payment infrastructure linked to stablecoins.
Samsung SDS has already won a contract to build the Korea Securities Depository platform supporting tokenized securities, with planned connections to distributed ledger networks. The broader institutional preparation signals growing integration between traditional finance and blockchain-based settlement in South Korea.
