Eight major commercial banks in South Korea plan to jointly establish a joint venture to issue a Korean Won stablecoin.

律动Jun 25, 2025
#DeFi
On June 25th, according to the South Korean "Economic Review," South Korea's eight major commercial banks have joined forces to establish a won-based stablecoin joint venture company, aiming to counter the dollar-dominated global stablecoin market and actively compete for dominance in the digital asset space.

The participating institutions include eight banks: Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Industrial Bank of Korea, Suhyup Bank, Citibank Korea, and Standard Chartered First Bank. They are collaborating with the Open Blockchain and DID Association and the Korea Financial Telecommunications and Clearing Institute to prepare for the establishment of a joint venture company for a "won-pegged stablecoin." This marks the first time that the South Korean banking industry has entered the digital asset business in the form of an alliance, and it is seen as a signal that the private sector is formally responding to the reality of digital assets.

Currently, the banks are discussing the construction of a common infrastructure, and it is expected that the feasibility of establishing the joint venture company will be realized as early as the end of this year or the beginning of next year after the relevant legal system is sorted out. Regarding the issuance model of the stablecoin, it has not yet been finalized, and two schemes are being evaluated from a technical and legal perspective: 1. Trust model: the tokens are issued after the customer funds are escrowed; 2. Deposit token model: the tokens are issued with a 1:1 peg to bank deposits. [BlockBeats]

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Eight major commercial banks in South Korea plan to jointly establish a joint venture to issue a Korean Won stablecoin.

律动Jun 25, 2025
#DeFi
On June 25th, according to the South Korean "Economic Review," South Korea's eight major commercial banks have joined forces to establish a won-based stablecoin joint venture company, aiming to counter the dollar-dominated global stablecoin market and actively compete for dominance in the digital asset space.

The participating institutions include eight banks: Kookmin Bank, Shinhan Bank, Woori Bank, NongHyup Bank, Industrial Bank of Korea, Suhyup Bank, Citibank Korea, and Standard Chartered First Bank. They are collaborating with the Open Blockchain and DID Association and the Korea Financial Telecommunications and Clearing Institute to prepare for the establishment of a joint venture company for a "won-pegged stablecoin." This marks the first time that the South Korean banking industry has entered the digital asset business in the form of an alliance, and it is seen as a signal that the private sector is formally responding to the reality of digital assets.

Currently, the banks are discussing the construction of a common infrastructure, and it is expected that the feasibility of establishing the joint venture company will be realized as early as the end of this year or the beginning of next year after the relevant legal system is sorted out. Regarding the issuance model of the stablecoin, it has not yet been finalized, and two schemes are being evaluated from a technical and legal perspective: 1. Trust model: the tokens are issued after the customer funds are escrowed; 2. Deposit token model: the tokens are issued with a 1:1 peg to bank deposits. [BlockBeats]

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