Large Korean banks accelerate alliance before stablecoin legislation, laying out Korean won stablecoin issuance Golden Finance reported that as the South Korean government plans to complete stablecoin legislation by the end of next month, large domestic financial institutions are accelerating the development of stablecoin issuance plans. The ruling party, the United Democratic Party, plans to overturn the token issuance ban since 2019 and allow local companies to issue stablecoins pegged to the Korean won. Hana Financial Group recently launched 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 specialized company to issue Korean won stablecoins after the ban is lifted, and has already contacted tourism and insurance institutions regarding potential cooperation. At the same time, Kakao is advancing a stablecoin working group involving its banking and electronic payment subsidiaries, and has started developing the Kakao brand's Korean won stablecoin. The regulatory authorities have proposed a compromise solution, discussing allowing only large banks to form consortiums to issue stablecoins, prompting financial institutions to form alliances in advance to cope with possible regulatory frameworks.