According to reports from Wu, eight major banks in South Korea, including KB Kookmin Bank, Shinhan, Woori, NH Nonghyup, IBK Industrial Bank, the Bank of Fisheries, Citibank Korea, and Standard Chartered Korea, are collaborating with the Open Blockchain and DID Association and the Financial Settlement Institute.
This project marks the first time the banking industry has jointly entered the digital asset field in the form of a consortium. The preliminary plan includes two types of stablecoin models: trust-type and deposit-linked, with the goal of establishing a company as early as the end of this year to early next year.