NongHyup Federation to Step Up Response to ‘Won-Denominated Stablecoins’…Begins Formulating Strategy

The NongHyup Federation is accelerating efforts to formulate a stablecoin strategy.

According to the industry on the 25th, the NongHyup Federation on the day posted a bid notice for a “strategic consulting service for responding to stablecoins for NongHyup Mutual Finance.” The federation said the objective of the project is to “establish a response strategy to the expansion of the digital asset ecosystem, including stablecoins, to secure the revenue structure and business competitiveness of agricultural and livestock cooperatives.”

Through the project, the federation plans to analyze the business environment for digital assets and relevant laws and regulations, and to identify stablecoin business models and assess preparatory requirements. It also specified tasks such as “reviewing new business models that combine the business structure of agricultural and livestock cooperatives with stablecoin issuance, operation and distribution models,” and “establishing differentiation strategies for agricultural and livestock cooperatives for product and service models based on stablecoin use.”

Using this project as a starting point, the federation will also draw up a roadmap for pursuing digital-asset businesses, including stablecoins. It also plans to review options for partnerships, such as the possibility of joining a consortium to issue a won-denominated stablecoin and signing a memorandum of understanding (MOU).