South Korean banks team up to issue Won-backed stablecoin – Details

Here’s how South Korea seeks to stop digital dollar dominance in its financial sector

Eight of South Korea’s leading banks are planning to issue a Won-backed stablecoin. 

The largest bank in the country has already applied for stablecoin trademarks. 

The global stablecoin race is on, and South Korea is keen on catching up with the U.S. and leading the Asian region.

According to an Economic Review report, eight South Korean banks have teamed up to issue a stablecoin pegged to the local currency, the Korean Won (KRW).  

The banking consortium includes KB Kookmin, Shinhan, Woori, NongHyup, Suhyup, Citibank Korea, Standard Chartered Korea, and Industrial Bank of Korea. 

Of these, four are among the nation’s five largest banks, a clear signal that this was no trial balloon.