South Korea's eight major banks will join forces to launch a stablecoin pegged to the Korean won, marking a significant advancement in the adoption of digital assets.
According to a report by Econovill, the project involves institutions including KB Kookmin Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, Corporate Bank, Suhyup Bank, Citi Korea, and SC First Bank. This collaboration aims to counter the enhanced dominance of the dollar due to the rise of dollar-pegged stablecoins.
Data from real-world asset (RWA) tokenization tracker RWA.xyz shows that the total market value of stablecoins exceeds $239 billion. The data also indicates that 99% of the issued stablecoins are pegged to the dollar.
Through this project, these banks hope to make South Korea competitive in the global digital financial market.
The project is expected to be realized by the end of 2025 or early 2026. According to Econovill, this is the first significant move by traditional banks into the digital asset space.
The nonprofit organization Open Blockchain, focused on blockchain, and the Decentralized Identity Association have expressed support for the project. The project will also receive backing from the Korea Financial Telecommunications and Clearings Institute.
The report also noted that the stablecoin will adopt a trust-based model or a 1:1 deposit token scheme, but it still requires regulatory approval.
This stablecoin initiative aligns with South Korea's broader legislative push to establish a clear regulatory framework for digital assets.
On June 10, South Korea's ruling party proposed the "Basic Law on Digital Assets" to allow the issuance of stablecoins and promote the growth of the domestic crypto market.
Following this development, Bank of Korea Governor Rhee Chang-yong expressed concerns that the creation of stablecoins could make it easier for holders to convert won into dollars.
The official stated that this could undermine the won, making it difficult for the central bank to manage. However, the Bank of Korea governor indicated that he does not oppose the issuance of a won-pegged stablecoin.
Meanwhile, Bank of Korea Vice Governor Ryoo Sangdai later stated that the launch of a won-pegged stablecoin should be gradual. The official believes that banks should be among the first entities to issue stablecoins to ensure a safety net.
Related: U.S. Senator Cynthia Lummis sets 2026 target for two crypto bills
Original: “Korean banks plan to launch won-pegged stablecoin by 2026”
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