Editor's PiCK
"Domestic Commercial Banks to Issue KRW Stablecoin"
Summary
- Major commercial banks such as KB Kookmin Bank and Shinhan Bank have announced plans to jointly issue a KRW-based stablecoin.
- It is reported that this is the first time a domestic financial company is taking steps to issue a stablecoin.
- The participating banks have stated that they are discussing the method of coin issuance by referring to overseas cases.
It has been revealed that major commercial banks such as KB Kookmin Bank and Shinhan Bank plan to jointly issue a KRW-based stablecoin. This is the first time a domestic financial company has taken steps to issue a stablecoin.
According to the industry on the 23rd (local time), the Open Blockchain & DID Association announced that it would establish a stablecoin division and form a consortium for issuing a KRW stablecoin. This consortium includes KB Kookmin Bank, Shinhan, Woori, NH Nonghyup, IBK Industrial Bank, Sh Suhyup Bank, and the Korea Financial Telecommunications & Clearings Institute.
The consortium plans to first discuss the specific method of coin issuance by referring to overseas cases such as the United States and Japan. It is explained that once domestic stablecoin regulations are established, they will begin the full-scale issuance process.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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