Eight major Korean banks are jointly promoting the establishment of a joint venture company, planning to issue a Korean Won stablecoin.

TechFlowJun 25, 2025
#DeFi
On June 25th, according to Korean media outlet《经济评论》, South Korea's eight major commercial banks are jointly promoting the establishment of a joint venture to issue a Korean Won-pegged stablecoin. The participating banks include Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Industrial Bank of Korea, Suhyup Bank, Citibank Korea, and Standard Chartered First Bank Korea. These banks will cooperate with Open Blockchain, DID Association, and Korea Financial Telecommunications and Clearings Institute to jointly develop the Korean Won stablecoin. A joint infrastructure plan is currently under discussion, and the joint venture is expected to be formally established by the end of this year or early next year after the relevant legal system is improved. The stablecoin issuance method has not yet been determined, and two options are being considered: a trust model and deposit tokenization. [深潮 TechFlow]
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Eight major Korean banks are jointly promoting the establishment of a joint venture company, planning to issue a Korean Won stablecoin.

TechFlowJun 25, 2025
#DeFi
On June 25th, according to Korean media outlet《经济评论》, South Korea's eight major commercial banks are jointly promoting the establishment of a joint venture to issue a Korean Won-pegged stablecoin. The participating banks include Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Industrial Bank of Korea, Suhyup Bank, Citibank Korea, and Standard Chartered First Bank Korea. These banks will cooperate with Open Blockchain, DID Association, and Korea Financial Telecommunications and Clearings Institute to jointly develop the Korean Won stablecoin. A joint infrastructure plan is currently under discussion, and the joint venture is expected to be formally established by the end of this year or early next year after the relevant legal system is improved. The stablecoin issuance method has not yet been determined, and two options are being considered: a trust model and deposit tokenization. [深潮 TechFlow]
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