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🏦 South Korean Banks Unite to Launch Won-Backed Stablecoin

🔗 Collaborative Effort Could Redefine Digital Finance in Korea

📢 According to PANews, eight major South Korean banks are joining forces to create a joint venture for issuing a Korean won-backed stablecoin.

🏛 Participating Banks:

KB Kookmin Bank

Shinhan Bank

Woori Bank

NongHyup Bank

Korea Development Bank

Suhyup Bank

Citibank Korea

Standard Chartered Bank Korea

This move reflects a strong institutional push toward blockchain integration in the traditional financial system.

🤝 In Collaboration With:

Open Blockchain and Decentralized Identifier Association

Korea Financial Telecommunications and Clearings Institute

🧩 Key Project Components:

Development of shared infrastructure

Two proposed issuance models:

Trust Model: Individual funds held in trust before stablecoin issuance

Deposit Token Model: Stablecoins directly linked to bank deposits

📅 Timeline & Status:

🛠 Currently in Discussion Phase

✅ Awaiting regulatory approval

🚀 Potential launch: Late 2025 or Early 2026

🌐 What It Means

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