"Commercial banks promote joint issuance of KRW stablecoins... Association membership restricted from July"

It is reported that major domestic commercial banks are accelerating the formation of a coalition to jointly issue KRW-based stablecoins.

According to the industry on the 29th, the Open Blockchain & DID Association (OBDIA) recently delivered a draft non-disclosure agreement (NDA) to commercial banks, along with a policy restricting new memberships. The association recently established a stablecoin subcommittee and has started discussions on related policies.

In particular, OBDIA has announced that applications for membership will only be accepted until the end of this month and that new memberships will be restricted starting in July. This measure is to prevent information asymmetry stemming from differences in understanding between existing member banks and latecomers.

Currently, eight major banks including KB Kookmin Bank, Shinhan Bank, Woori Bank, NH Nonghyup Bank, IBK Industrial Bank of Korea, and Sh Suhyup Bank are members of OBDIA. Internet-only K Bank joined on the 13th. Toss Bank and some regional banks are reportedly considering joining as well.

Previously, since April, the association has been holding regular subcommittee meetings focused on the possible institutionalization of stablecoins and joint issuance models.

Future meetings are expected to discuss various operational models, including whether to pursue joint issuance, whether venture capital (VC) will participate in the consortium, and the possibility of establishing a joint venture. Technology companies plan to participate following the establishment of a bank-led structure.

Currently, major tech companies such as SK Telecom, LG CNS, and RaonSecure are OBDIA member companies. They have also expressed willingness to participate in the stablecoin subcommittee, but the association maintains that technology companies' participation will be determined after a bank-led structure is in place.

Meanwhile, OBDIA is a non-profit organization founded in 2018 under the leadership of major companies such as SK Telecom, LG Uplus, and Shinhan Bank. After changing its name in 2020, it has focused on revitalizing the decentralized identity (DID) industry.