Major South Korean Banks Form Alliance to Prepare for KRW Stablecoin Issuance
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The South Korean government plans to complete stablecoin legislation by the end of next month, while major 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, which joined later. The alliance has agreed to establish a special-purpose company and is engaging with tourism and insurance institutions. Kakao is advancing a stablecoin working group to develop a Kakao-branded Korean won stablecoin. Regulators are discussing allowing only large banking consortia to issue stablecoins, prompting financial institutions to form alliances in advance to respond to the regulatory framework.
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