TechFlow news, June 25 — According to a report by South Korean media outlet "Economic Review," eight major commercial banks in South Korea are jointly advancing the establishment of a joint venture to launch a Korean won-pegged stablecoin. Participating banks include Kookmin Bank, Shinhan Bank, Woori Bank, NH Bank, IBK, Suhyup Bank, Citibank Korea, and SC First Bank.
The banks will collaborate with Open Blockchain, the DID Association, and the Korea Financial Telecommunications & Clearings Institute to jointly develop the Korean won stablecoin. Discussions are currently underway regarding shared infrastructure plans, and the joint venture is expected to be officially established by the end of this year or early next year, following improvements in relevant legal frameworks. The stablecoin issuance model has not yet been finalized, with trusteeship and deposit tokenization being considered as potential options.
