NH NongHyup to discuss use cases for a won-denominated stablecoin with Fireblocks…expanding global cooperation

NH NongHyup Bank discussed the digitalization of tax refunds and use cases for a won-denominated stablecoin together with Fireblocks, a global digital-asset infrastructure company.

NH NongHyup Bank said on the 4th that it held a strategic meeting on the theme of “Tax-refund digitalization PoC and plans to build a won stablecoin ecosystem” at its headquarters in Jung-gu, Seoul, on the 2nd.

The meeting was attended by executives and working-level staff from the bank’s AI Data Division, as well as Stephen Richardson, Chief Strategy Officer (CSO) at Fireblocks’ headquarters, along with sales leads for global and Asia markets.

The tax-refund digitalization PoC that the two sides are jointly pursuing moved forward after it was launched in November last year, went through offline workshops, and finalized its design in January this year. It is currently in the development phase, with the goal of completing development and testing by April.

In addition, Fireblocks shared digital-asset operating cases for global banks and institutional investors, introducing directions for building wallet and security infrastructure, regulatory response strategies, and expanding global networks. The two sides also exchanged views on stablecoin adoption cases across the global financial sector and trends in payment, distribution, and security infrastructure.

The two sides agreed that a won-denominated stablecoin could develop into a core payment instrument linking financial infrastructure and digital-asset services, and discussed a cooperation model that combines a bank-centered, trust-based structure with global blockchain networks.

An official at NH NongHyup Bank said, “Building a digital-asset ecosystem centered on a won-denominated stablecoin, we plan to push forward both linkage with global financial infrastructure in step with the institutionalization trend and domestic financial innovation at the same time.”