Editor's PiCK
"Samsung, Shinhan and Hana Discuss Cooperation on a KRW Stablecoin… Momentum Builds for a 'Consortium Plan'"
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Summary
- Samsung, Shinhan Financial and Hana Financial reportedly are discussing the establishment of a cooperative framework covering the issuance, distribution and use of a won-denominated stablecoin.
- If stablecoin legislation becomes more concrete, it is being suggested that Samsung, Shinhan Financial and Hana Financial could form a joint consortium and move forward with full-scale business execution.
- It was reported that assessments are emerging that the scope of KRW stablecoin usage could expand, based on Samsung’s mobile devices, payments infrastructure and global manufacturing and distribution network, along with Shinhan Financial’s and Hana Financial’s experience cooperating in the digital-asset space.
Samsung, Shinhan Financial Group and Hana Financial Group are reportedly discussing the establishment of a cooperative framework spanning the issuance, distribution and use of a won-denominated stablecoin.
According to industry sources on the 26th, Shinhan Financial Chairman Jin Ok-dong and Hana Financial Chairman Ham Young-joo are said to have recently discussed measures for cooperation on a KRW stablecoin with Samsung and begun preparatory work. If stablecoin legislation becomes more concrete, the possibility is being raised that they could form a joint consortium and move toward full-scale business execution.
The industry is assessing that if Samsung, Shinhan Financial and Hana Financial move to cooperate, the landscape of the KRW stablecoin market could change. In particular, the view is that combining Samsung’s mobile devices and payments infrastructure with its global manufacturing and distribution network could quickly broaden the scope of stablecoin use.
Shinhan Financial also has a large share of overseas business and a diversified group portfolio, while Hana Financial is likewise cited as being able to play a role given its experience cooperating with digital-asset and platform companies.
Still, it is also being suggested that these cooperation talks may not be limited to a closed alliance format. The possibility is being raised that cooperation could later expand to other financial groups as well.
