🏦 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
