Korea already proved the cash leg in Project Hangang, with banks atomically settling tokenized monetary-stabilization bonds against wholesale digital currency on one DLT ledger ([BOK](https://www.bok.or.kr/eng/bbs/E0000654/view.do?menuNo=400048&nttId=10095216)). The 2027 Treasury pilot becomes DeFi-relevant when interoperability reaches permissionless liquidity; until then, it is a faster KSD back office inside a global tokenized-asset market worth $50.37 billion in March 2026 ([BOK](https://www.bok.or.kr/eng/bbs/B0000354/view.do?depth=400409&menuNo=400409&nttId=11062710&programType=newsDataEng&relate=Y)).

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