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Eight Major South Korean Banks to Establish Joint Venture Company Planning to Issue Korean Won Stablecoin, Exploring Two Issuance Models
Summary: According to reports from South Korea's Economic Review, eight major South Korean banks are preparing to establish a joint venture company with plans to issue a Korean Won stablecoin. Participating institutions include the National Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, Industrial Bank of Korea, Suhyup Bank, Citibank Korea, and Standard Chartered Korea. The project ...
According to reports from South Korea's Economic Review, eight major South Korean banks are preparing to establish a joint venture company with plans to issue a Korean Won stablecoin. Participating institutions include the National Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, Industrial Bank of Korea, Suhyup Bank, Citibank Korea, and Standard Chartered Korea. The project is being jointly promoted by the banks, the Blockchain and Decentralized Identifier Association, and the Korea Financial Telecommunications and Clearings Institute, with discussions currently ongoing regarding the underlying infrastructure.
If regulatory approval is granted, the joint venture company is expected to officially launch by the end of this year or early next year. The project team is currently considering two issuance models: one is a trust model, where customer funds are first independently entrusted before issuing the stablecoin; the other is a deposit token model, linking the stablecoin directly to bank deposits.
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Link: Eight Major South Korean Banks to Establish Joint Venture Company Planning to Issue Korean Won Stablecoin, Exploring Two Issuance Models [Copy]
