Foresight News reports that, according to the Korean Economic Review, eight major banks in South Korea are preparing to establish a joint venture to issue a Korean won stablecoin. The participating institutions include KB 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 banks, the Open Blockchain and Decentralized Identifier Association, and the Korea Financial Telecommunications and Clearing Institute, with discussions ongoing regarding the underlying infrastructure. If regulatory approval is granted, 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 trusted before issuing the stablecoin; and a deposit token model, which directly links the stablecoin to bank deposits.