Bank of Korea to add P2P transfers to WCBDC trials by October (Business Korea)
The Bank of Korea (BOK) “Project Hangang River” wholesale central bank digital currency (CBDC) backed tokenized deposit pilot is reportedly preparing to launch a second phase as early as October. The current three-month (April 1 to June 30, 2025) phase involves about 100,000 participants, and is limited to person-to-business (P2B) payments (for goods and services at online and offline merchants). In the next phase, person-to-person (P2P) transfers will be added, along with expanded use cases and a full rollout of a digital voucher program for welfare payments by local governments. [Read more at BusinessKorea]
Circle announces regulated stablecoin cross-border payments network (Circle)
Circle will be launching the Circle Payments Network (CPN) to connect financial institutions to enable real-time settlement of cross-border payments using regulated stablecoins. CPN will require participants to meet strict eligibility standards, including licensing, AML/CFT compliance, financial risk management, and cybersecurity protocols. By leveraging USDC, EURC, and other regulated stablecoins, CPN will enable seamless connectivity to domestic real-time payment systems worldwide, while upholding the compliance, security, and trust required for financial institutions to meet their regulatory obligations. Powered by smart contract infrastructure and modular APIs, the network will enable third-party developers to build advanced modules, app services, and automated financial workflows directly on top of CPN. [Read more at Circle]
And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.
