Eight major South Korean banks collaborate to issue a stablecoin backed by the won

Eight key banks in South Korea are in the process of developing a new stablecoin, fully backed by the domestic won. The goal is to enhance monetary strength in the context of the increasingly dominant USD in the international market.

Won stablecoin – A strategy against the dominance of the USD

In the rising DeFi era, the relentless expansion of the USD puts significant pressure on emerging economies. The issuance of stablecoins closely tied to the won will help strengthen liquidity and stabilize value in the domestic cryptocurrency ecosystem, while minimizing exchange rate volatility risks. This is a strategic move to protect South Korea's monetary sovereignty from the dominance of the global USD.

The superiority of bank-backed stablecoins

Unlike popular cryptocurrencies, stablecoins issued by major banks will strictly adhere to financial standards and transparent auditing. This creates superior trust for investors and users, while enhancing the potential for widespread acceptance in the international market. The network of backing with real assets also helps mitigate price volatility risks, making stablecoins an effective value storage channel.

Potential impacts on the South Korean cryptocurrency market

The participation of major banks will promote the healthy development of the domestic cryptocurrency ecosystem, including DeFi activities, peer-to-peer trading, and digital payments. At the same time, it also creates a bridge between traditional assets and the decentralized market, opening up new growth opportunities with high liquidity and advanced security models.

Conclusion

The integration of stablecoins backed by the won is a crucial breakthrough for the South Korean financial system, aimed at effectively responding to the globalization trend of the USD. This project not only reinforces the value of domestic cryptocurrencies but also expands the door for cross-border transactions, contributing to the creation of a sustainable and stable modern financial era.

Source: https://tintucbitcoin.com/ngan-hang-han-quoc-sap-ra-stablecoin/

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