TechFlow News, June 3: According to Yonhap News Agency, although legislation concerning the Korean won (KRW) stablecoin has yet to be enacted, major South Korean banks and fintech companies are accelerating efforts to form alliances. KB Kookmin Bank plans to collaborate with Toss, with KB taking the lead in issuance and Toss in circulation; Shinhan Financial Group continues advancing its collaboration with Samsung Financial; Woori Bank and NH Nonghyup Financial Group are currently considering Kakao’s invitation to cooperate; and Hana Bank has already invested 1 trillion KRW in Dunamu and is jointly building South Korea’s largest stablecoin ecosystem with Naver. Meanwhile, the Bank of Korea is advancing the “Han River Project,” a pilot program for tokenized deposits. If this project launches rapidly, it could fuel arguments that “KRW stablecoins are unnecessary,” further delaying related legislative progress.
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