Eight Greater South Korea banks will cooperate to launch the Stablecoin group linked to the country’s currency, which represents a big step towards adopting digital assets.
According to the econovill report, the project Involve Institutions including KB Kokmin, Shinhan, Woouri, Nonghyup, Corporate, SUHYUP, Citi Korea and SC First Bank. Cooperation aims to combat the growing dominance of the dollar due to the rise in the dollar.
Thokenizing Tho Tokener RWA.XYZ data shows that the real world asset data (RWA) is more than $ 239 billion. The data also shows that 99 % of the issued Stablecoins Tied To the US dollar.
With the project, banks aim to place South Korea in a position that enables them to compete in the global digital financing market.
The Stablecoin project is expected to be launched in 2025 or early 2026
According to what was expected, the project will be achieved in late 2025 or early 2026. According to Econovill, this project is the first major step of traditional banks to enter the area of digital assets.
The Blockchain non -profit collection that focuses on Blockchain and decentralized identity association have expressed its support for the project. It will also be supported by the Korea Institute of Communications and Clearance.
The report also indicated that Stablecoin will adopt a confidence -based model or 1: 1 deposit symbol system, which is still subject to organizational approval.
The Stablecoin initiative is in line with a broader legislative batch to build a clear organizational structure for digital assets in South Korea.
On June 10, the ruling party in South Korea proposed the basic digital assets law to allow Stablecoin and enhance the growth of encryption markets in the country.
Related to: South Korea youth resort to coding from despair
The President of the Central Bank in South Korea expects possible issues
After development, Korea Governor Rai Chang Young expressed his concerns that the creation of Stablecoin may make it easier for currency exchange holders to the dollar.
The official said this may harm the currency, which makes it difficult for the central bank to manage it. However, the country’s central bank president said he was not against Stablecoin’s victory.
Meanwhile, Korea’s deputy governor of Korea, Rio Singdai, later said that the start of the categories she won should be gradual. The official said the banks should be the first entities to ensure a safety network.
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2025-06-25 12:00:00
