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South Korea's eight major banks are planning to establish a joint venture to issue Korean won stablecoins and are exploring two issuance models
6 hours ago
Odaily News According to the Korean Economic Review, eight major banks in South Korea are preparing to establish a joint venture to issue a Korean won stablecoin. Participating institutions include Kookmin Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, Korea Development Bank, Suhyup Bank, Citibank Korea Branch and Standard Chartered Bank Korea Branch. The project is jointly promoted by the bank, the Open Blockchain and Decentralized Identifier Association, and the Korea Financial Telecommunications and Clearing Agency, and is still discussing the underlying infrastructure. If approved by regulators, the joint venture is expected to be officially launched at the end of this year or early next year. The project team is currently considering two issuance models: one is the trust model, that is, the customer funds are first independently entrusted before the stablecoin is issued; the second is the deposit token model, which directly links the stablecoin to bank deposits.
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