8 Major Commercial Banks Push to Establish KRW Stablecoin Joint Venture

Eight major domestic commercial banks are reportedly working to establish a joint venture for stablecoins.

According to the financial industry on the 25th, eight commercial banks—KB Kookmin, Shinhan, Woori, Nonghyup, IBK Industrial, Sh Suhyup, Citibank Korea, and SC First Bank—are preparing to establish a joint venture in collaboration with Open Blockchain, DID Association, and the Korea Financial Telecommunications & Clearings Institute (KFTC) to issue a KRW-linked stablecoin.

These banks plan to refer to stablecoin cases in major countries such as the United States and Japan to build a shared infrastructure and expand their influence in the global payments and remittance markets.

The establishment of the joint venture is expected to become more concrete between the end of this year and the beginning of next year after regulatory improvements are made.