South Korea’s Banking Giants Plan to Launch Stablecoin Pegged to Korean Won

According to a recent report by the local news outlet Economic Review, eight major banks in South Korea are set to launch a joint venture to issue a stablecoin pegged to the Korean Won (KRW). The joint venture aims to reduce reliance on US dollar-backed stablecoins, which dominate crypto trading, and establish leadership in the digital asset market. South Korea’s Stablecoin Push The report highlighted that this is the first time banks have entered the digital asset business as a consortium. The participating domestic banks include Kookmin Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, Korea Development Bank, Suhyup Bank, Citibank Korea Branch, and Standard Chartered Bank Korea Branch source: https://beincrypto.com/south-korea-stablecoin-won/