The proposal would bring tokenized government bonds, a wholesale CBDC and commercial bank deposits onto one ledger as tokenized U.S. Treasury debt leads the RWA market at $14.6 billion.
Bank of Korea’s Shin outlined plans under Project Hangang to place tokenized government bonds, a wholesale CBDC (central bank digital currency for interbank use), and commercial bank deposits on a single ledger. The plan points to deeper integration between central bank money, bank money and tokenized securities, a structure markets have been exploring to streamline settlement and reduce fragmentation across digital-asset systems. The update also highlighted the scale of tokenized real-world assets, with U.S. Treasury debt representing the largest segment at $14.6 billion, or about 46% of the $31.7 billion total market.