Large South Korean banks form alliance to prepare for the issuance of Korean won stablecoin

The South Korean government plans to complete stablecoin legislation by the end of next month, and large domestic financial institutions are accelerating the development of Korean won stablecoin issuance plans. Hana Financial Group has initiated a stablecoin alliance, with members including BNK Financial Group, iM Financial Group, Standard Chartered Bank Korea, OK Savings Bank, and JB Financial Group subsequently joining. The alliance has agreed to establish a dedicated company and engage with tourism and insurance institutions. Kakao is advancing the stablecoin working group and developing the Kakao brand Korean won stablecoin. Regulatory discussions have only allowed large banking consortia to issue stablecoins, prompting financial institutions to form alliances in advance to respond to regulatory frameworks.