Eight South Korean Banks Join to Develop Won-Backed Stablecoin, Plans 2 Secret Models

8 business South Korean banks have joined to develop a won-linked stablecoin comprising 2 initial models – deposit-linked and trust-based. The partnership involves the Open Blockchain and DID Association and the Financial Supervisory Service. Announced by the nation’s financial sector, this joint endeavor marks the first time industrial banks have entered the digital asset business in the form of a consortium. The group includes KB Kookmin, Shinhan, Woori, Nonghyup, Industrial Bank of Korea, Suhyup, Citibank Korea, and SC First Bank. The Bank of Korea’s senior deputy governor emphasized the phased rollout of a won-backed stablecoin, with commercial banks leading the way. This move signals the private sector’s increasing engagement with cryptocurrencies.