Participating banks include KB Kookmin, Shinhan, Woori, Nonghyup, Industrial Bank of Korea, Suhyup, Citibank Korea, and SC First Bank. The project aims to issue a stablecoin backed by the Korean won and reduce the dominance of dollar-based digital assets.<\/p>\n
The report comes on the heels of the Financial Services Commission\u2019s release of a new roadmap for stablecoins and crypto ETFs, part of a broader push to align the local market with global standards. It also noted that the initiative is in response to growing concerns within the banking sector about losing ground to foreign-issued stablecoins in the domestic market.<\/p>\n
\n\u201cThere is a shared sense of crisis that if things continue this way, foreign dollar coins could dominate the domestic market,\u201d a bank official reportedly said. \u201cIt is time to secure both the independence and competitiveness of the domestic financial system through a won-based digital currency.\u201d<\/p>\n<\/blockquote>\n
KB Kookmin, South Korea\u2019s largest bank and a member of the new consortium, has also filed trademarks related to stablecoin symbols as part of the joint initiative, according to the Korea Intellectual Property Rights Information Service.<\/p>\n
While the exact method of issuance has yet to be finalized, the banks are said to be reviewing two stablecoin models including a trust-based structure and a deposit-linked approach, both designed to ensure full 1:1 backing with the Korean won.\u00a0The launch is expected by late 2025 or early 2026, pending regulatory approval.<\/p>\n
Meanwhile, South Korean Democrats are also pushing for a faster rollout of government-issued won-pegged stablecoins, with a similar goal of strengthening the national fiat and boosting global demand for won-backed assets.<\/p>\n
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