Eight major South Korean banks plan to establish a joint venture to issue a Korean Won stablecoin and are exploring two issuance models.

ForesightNewsJun 25, 2025
#DeFi
According to a report by the Korea Economic Review, eight major South Korean banks are preparing to establish a joint venture company with plans to issue a Korean Won stablecoin. Participating institutions include Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Korea Development Bank, Suhyup Bank, Citibank Korea, and Standard Chartered Bank Korea. The project is being jointly promoted by the Korea Federation of Banks' Open Blockchain and Decentralized Identifier Association and the Korea Financial Telecommunications and Clearing Institute, and discussions are still ongoing regarding the underlying infrastructure. If regulatory approval is obtained, the joint venture is expected to officially launch by the end of this year or early next year. The project team is currently considering two issuance models: a trust model, where customer funds are independently entrusted before the stablecoin is issued, and a deposit token model, where the stablecoin is directly linked to bank deposits. [Foresight News]
Source
Powered by ChatGPT
All You Need to Know in 10s
Your One-Stop Crypto Investment Powerhouse

Eight major South Korean banks plan to establish a joint venture to issue a Korean Won stablecoin and are exploring two issuance models.

ForesightNewsJun 25, 2025
#DeFi
According to a report by the Korea Economic Review, eight major South Korean banks are preparing to establish a joint venture company with plans to issue a Korean Won stablecoin. Participating institutions include Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Korea Development Bank, Suhyup Bank, Citibank Korea, and Standard Chartered Bank Korea. The project is being jointly promoted by the Korea Federation of Banks' Open Blockchain and Decentralized Identifier Association and the Korea Financial Telecommunications and Clearing Institute, and discussions are still ongoing regarding the underlying infrastructure. If regulatory approval is obtained, the joint venture is expected to officially launch by the end of this year or early next year. The project team is currently considering two issuance models: a trust model, where customer funds are independently entrusted before the stablecoin is issued, and a deposit token model, where the stablecoin is directly linked to bank deposits. [Foresight News]
Powered by ChatGPT
Scan QR Code to Explore more key information
One-stop financial research platform for Crypto Investors