"Shinhan, IBK, NongHyup and K Bank to form a stablecoin consortium"

Minseung Kang

Summary

Four banks—Shinhan Bank, IBK Industrial Bank of Korea, NH NongHyup Bank and K Bank—are reportedly in talks over forming a consortium for a stablecoin business.
They said they are reviewing a plan to jointly build fiat-backed digital-asset infrastructure by combining the capital strength of traditional financial institutions with the platform capabilities of digital banks.
They reported that a structure to open the built infrastructure to external participants such as fintech firms, small and midsize enterprises and small merchants is also on the agenda.

The banking sector is reportedly reviewing the formation of a consortium to jointly pursue a stablecoin business.

According to industry sources on the 10th, four banks—Shinhan Bank, IBK Industrial Bank of Korea, NH NongHyup Bank and K Bank—are said to be in talks over forming a consortium for a stablecoin initiative. The discussions are drawing attention as they would bring together commercial banks, a state-owned policy bank and an internet-only bank.

A plan is being considered to jointly build fiat-backed digital-asset infrastructure by combining the capital strength of traditional financial institutions with the platform capabilities of digital banks. Detailed discussions are also said to be under way on the cooperation model and division of roles. In addition, a structure that would open the built infrastructure to external participants such as fintech firms, small and midsize enterprises and small merchants is also reportedly on the agenda.