In response to the Trump administration’s promotion of dollar stablecoins, Korean banks have decided to create a joint venture to issue a joint Korean stablecoin. The banks involved include KB Kookmin, Shinhan, Woori, NH Nonghyup, IBK Industrial, Sh Suhyup and Korea Financial Telecommunications & Clearing Institute (KFTC). KFTC operates the main retail payment systems in Korea. The only large Korean bank not mentioned is Hana Bank.
But there is a catch. Currently, Korea doesn’t have stablecoin regulations, although there are plans to produce some later in the year. Hence, the talk of launching a stablecoin this year seems slightly premature.
The initiative is being coordinated by the Open Blockchain and DID Alliance, which formally announced the creation of a stablecoin working group with these participants.
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