{"id":33781,"date":"2025-06-26T07:02:24","date_gmt":"2025-06-26T07:02:24","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=33781"},"modified":"2025-06-26T07:02:24","modified_gmt":"2025-06-26T07:02:24","slug":"south-koreas-biggest-banks-join-forces-on-won-backed-stablecoin","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=33781","title":{"rendered":"South Korea\u2019s Biggest Banks Join Forces on Won-Backed Stablecoin"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">A group of South <\/span><span data-preserver-spaces=\"true\">Korea\u2019s<\/span><span data-preserver-spaces=\"true\"> top commercial banks is taking a <\/span><span data-preserver-spaces=\"true\">major<\/span><span data-preserver-spaces=\"true\"> step toward launching a stablecoin tied to the Korean won. A consortium including<\/span><span data-preserver-spaces=\"true\"> KB Kookmin, Shinhan, Woori, Nonghyup, Industrial Bank of Korea, Suhyup, Citi Korea, and Standard Chartered Korea is leading the plan. Their goal is to bring a bank-issued digital won to market by the end of 2025 or early 2026.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The idea behind this collaboration is to offer an alternative to the <\/span><span data-preserver-spaces=\"true\">rising<\/span><span data-preserver-spaces=\"true\"> dominance of dollar-based stablecoins <\/span><span data-preserver-spaces=\"true\">like<\/span><span data-preserver-spaces=\"true\"> USDT and USDC.\u00a0<\/span> Traders and users across South Korea\u2019s crypto ecosystem have widely used these foreign assets, often to fill gaps in payments and trading. <span data-preserver-spaces=\"true\">But<\/span><span data-preserver-spaces=\"true\"> with nearly 57 trillion won worth of dollar stablecoin trade volume moving through the country in the first quarter of 2025, local banks are <\/span><span data-preserver-spaces=\"true\">clearly<\/span><span data-preserver-spaces=\"true\"> looking to <\/span><span data-preserver-spaces=\"true\">take back<\/span><span data-preserver-spaces=\"true\"> control.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Domestic Push for Monetary Control<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">This stablecoin initiative <\/span><span data-preserver-spaces=\"true\">is closely tied<\/span><span data-preserver-spaces=\"true\"> to growing concerns about monetary sovereignty. <\/span><span data-preserver-spaces=\"true\">Financial authorities and lawmakers are <\/span><span data-preserver-spaces=\"true\">becoming uneasy<\/span><span data-preserver-spaces=\"true\"> about <\/span><span data-preserver-spaces=\"true\">how much<\/span><span data-preserver-spaces=\"true\"> influence foreign-denominated digital assets <\/span><span data-preserver-spaces=\"true\">now have<\/span><span data-preserver-spaces=\"true\"> on local transactions.<\/span><span data-preserver-spaces=\"true\"> Some view it as a gradual loss of national control, especially since private firms outside Korea issue and manage the currency used by Korean traders and consumers.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.1.0\/72x72\/1f1f0-1f1f7.png\" alt=\"\ud83c\uddf0\ud83c\uddf7\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> Major move in South Korea!<\/p>\n<p>8 top banks are teaming up to launch a Korean Won stablecoin <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.1.0\/72x72\/1fa99.png\" alt=\"\ud83e\ude99\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"><\/p>\n<p>Two issuance models on the table:<br \/><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.1.0\/72x72\/2705.png\" alt=\"\u2705\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> Trust Model<br \/><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.1.0\/72x72\/2705.png\" alt=\"\u2705\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> Deposit Token Model<\/p>\n<p>Launch could happen by year-end <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.1.0\/72x72\/1f440.png\" alt=\"\ud83d\udc40\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> <a href=\"https:\/\/t.co\/agReNejLKI\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/agReNejLKI<\/a><\/p>\n<p>\u2014 SWFT Blockchain (@SwftCoin) <a href=\"https:\/\/twitter.com\/SwftCoin\/status\/1937800252230390052?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">June 25, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Banks working on the won-backed stablecoin are being supported by the Open Blockchain and DID Association, <\/span><span data-preserver-spaces=\"true\">along with<\/span><span data-preserver-spaces=\"true\"> the Korea Financial Telecommunications and Clearings Institute.<\/span><span data-preserver-spaces=\"true\"> These institutions are handling technical development and potential regulatory models. Two structures are <\/span><span data-preserver-spaces=\"true\">being considered<\/span><span data-preserver-spaces=\"true\">. One would involve holding user funds in trust, while the other would issue tokens directly against customer deposits.<\/span><\/p>\n<p><strong>DISCOVER: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-crypto-to-explode\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">20+ Next Crypto to Explode in 2025<\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Central Bank Reactions<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The Bank of Korea has responded cautiously. <\/span><span data-preserver-spaces=\"true\">Deputy Governor Ryoo Sang-dai <\/span><span data-preserver-spaces=\"true\">said<\/span><span data-preserver-spaces=\"true\"> any rollout should begin with licensed commercial banks and <\/span><span data-preserver-spaces=\"true\">only later<\/span><span data-preserver-spaces=\"true\"> expand to other firms.<\/span><span data-preserver-spaces=\"true\"> Governor Rhee Chang-yong acknowledged the potential upside of a domestic stablecoin but also flagged possible side effects. One concern is that making it easier to exchange between stablecoins might <\/span><span data-preserver-spaces=\"true\">actually<\/span><span data-preserver-spaces=\"true\"> increase demand for dollar-backed assets, not reduce it.<\/span><\/p>\n<div class=\"cpp-crypto-chart cpp-crypto-chart-99btc cpp-crypto-chart-btc\" data-coin-symbol=\"btc\" data-price-usd=\"BTC Price (USD)\" data-main-color=\"#4caf05\" data-watermark-image=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/06\/99bitcoins-logo.png\" data-chart-style=\"99btc\">\n<div class=\"cpp-chart-top-section\">\n<div class=\"cpp-chart-info-section\">\n<div class=\"cpp-chart-logo\"><img decoding=\"async\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/2024\/02\/26205235\/btc.svg\" alt=\"btc logo\"><\/div>\n<div class=\"cpp-chart-coin-details\">\n<div class=\"cpp-chart-labels-row\">\n<div class=\"cpp-chart-coin-name\">Bitcoin<\/div>\n<div class=\"cpp-chart-price-info\">Price<\/div>\n<div class=\"cpp-chart-market-cap\">Market Cap<\/div>\n<\/div>\n<div class=\"cpp-chart-values-row\">\n<div class=\"cpp-chart-coin-symbol\">BTC<\/div>\n<div class=\"cpp-chart-price\"><\/div>\n<div class=\"cpp-chart-market-cap-value\">$2.13T<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"cpp-chart-selectors cpp-chart-selectors-99btc\"><span class=\"cpp-chart-selector\" data-period=\"24h\">24h<\/span><span class=\"cpp-chart-selector\" data-period=\"7d\">7d<\/span><span class=\"cpp-chart-selector\" data-period=\"30d\">30d<\/span><span class=\"cpp-chart-selector\" data-period=\"1y\">1y<\/span><span class=\"cpp-chart-selector\" data-period=\"all_time\">All time<\/span><\/div>\n<\/div>\n<p><canvas id=\"cpp-chart-685cee14d21b7\" class=\"cpp-chart-container cpp-chart-container-99btc\"><\/canvas><\/div>\n<p><span data-preserver-spaces=\"true\">The central bank is already working on its own wholesale CBDC model for institutions. However, it<\/span><span data-preserver-spaces=\"true\">\u00a0appears<\/span><span data-preserver-spaces=\"true\"> willing to let commercial banks take the lead on a retail-facing <\/span><span data-preserver-spaces=\"true\">stablecoin,<\/span><span data-preserver-spaces=\"true\"> as long as the rules are clear and the process is gradual.<\/span><\/p>\n<p><strong>DISCOVER: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Best New Cryptocurrencies to Invest in 2025<\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Laying the Ground for Regulation<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The stablecoin rollout also aligns with a broader legislative effort. The Democratic Party is advancing the Digital Asset Basic Act to define and regulate digital assets, including stablecoins. Lawmakers expect this law to set the foundation for how these tokens can be issued, who can manage them<\/span><span data-preserver-spaces=\"true\">, and <\/span><span data-preserver-spaces=\"true\">what<\/span><span data-preserver-spaces=\"true\"> level of transparency <\/span><span data-preserver-spaces=\"true\">is<\/span><span data-preserver-spaces=\"true\"> required.<\/span><\/p>\n<figure id=\"attachment_252864\" aria-describedby=\"caption-attachment-252864\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-252864 size-full\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/06\/South-Korea-stablecoin.jpg\" alt=\"South Korea stablecoin\" width=\"1000\" height=\"668\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/06\/South-Korea-stablecoin.jpg 1000w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/06\/South-Korea-stablecoin-300x200.jpg 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/06\/South-Korea-stablecoin-768x513.jpg 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/06\/South-Korea-stablecoin-50x33.jpg 50w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/06\/South-Korea-stablecoin-299x200.jpg 299w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/06\/South-Korea-stablecoin-350x234.jpg 350w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-252864\" class=\"wp-caption-text\">Source: Shutterstock<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">At the same time, some banks <\/span><span data-preserver-spaces=\"true\">like<\/span><span data-preserver-spaces=\"true\"> KB Kookmin have already filed trademarks for names <\/span><span data-preserver-spaces=\"true\">such <\/span><span data-preserver-spaces=\"true\">as<\/span><span data-preserver-spaces=\"true\"> KBKRW and KRWST, indicating that development is well underway.<\/span> <span data-preserver-spaces=\"true\">Legal reviews and compliance checks are still in progress<\/span><span data-preserver-spaces=\"true\">, but<\/span><span data-preserver-spaces=\"true\"> if everything <\/span><span data-preserver-spaces=\"true\">stays<\/span><span data-preserver-spaces=\"true\"> on schedule, pilots could begin in late 2025.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Looking Ahead<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">South Korea is not the only country exploring this route. <\/span><span data-preserver-spaces=\"true\">Japan is rolling out bank-backed stablecoins under its <\/span><span data-preserver-spaces=\"true\">own<\/span><span data-preserver-spaces=\"true\"> regulatory framework, <\/span><span data-preserver-spaces=\"true\">and<\/span><span data-preserver-spaces=\"true\"> Europe is moving forward under MiCA.<\/span><span data-preserver-spaces=\"true\"> What sets South Korea apart is the scale and speed of coordination between major banks. <\/span><span data-preserver-spaces=\"true\">By <\/span><span data-preserver-spaces=\"true\">moving<\/span><span data-preserver-spaces=\"true\"> together, they <\/span><span data-preserver-spaces=\"true\">hope<\/span><span data-preserver-spaces=\"true\"> to launch <\/span><span data-preserver-spaces=\"true\">something<\/span><span data-preserver-spaces=\"true\"> trusted, regulated, and fully backed by Korean financial institutions.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Whether this stablecoin ends up reshaping local payments or <\/span><span data-preserver-spaces=\"true\">simply<\/span><span data-preserver-spaces=\"true\"> coexists with dollar tokens will depend on how <\/span><span data-preserver-spaces=\"true\">it\u2019s<\/span><span data-preserver-spaces=\"true\"> received by <\/span><span data-preserver-spaces=\"true\">users<\/span><span data-preserver-spaces=\"true\">\u00a0and how effectively regulators and banks handle its launch.<\/span> <span data-preserver-spaces=\"true\">What is clear is that South Korea is preparing to take a more active role in <\/span><span data-preserver-spaces=\"true\">how<\/span><span data-preserver-spaces=\"true\"> digital money <\/span><span data-preserver-spaces=\"true\">works inside<\/span><span data-preserver-spaces=\"true\"> its borders.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-crypto-to-explode\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">20+ Next Crypto to Explode in 2025\u00a0<\/span><\/a><\/strong><\/p>\n<p><strong><a class=\"general-link\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"nofollow noopener nofollow\"><span data-preserver-spaces=\"true\">Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/span><\/a><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h2 class=\"nnbtc-key-takeaways__title\"><\/h2>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<ul class=\"nnbtc-key-takeaways__list\">\n        <\/ul>\n<p><\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        South <\/li>\n<p><\/span><span data-preserver-spaces=\"true\">Korea\u2019s<\/span><span data-preserver-spaces=\"true\"> top banks plan to launch a won-backed stablecoin by late 2025 or early 2026, aiming to reduce reliance on dollar-based tokens like USDT and USDC.<br \/>\n    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Regulators are pushing the move to curb foreign digital assets and protect monetary sovereignty.    <\/li>\n<p>    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The Bank of Korea supports a gradual rollout starting with licensed <\/li>\n<p><\/span><span data-preserver-spaces=\"true\">banks,<\/span><span data-preserver-spaces=\"true\"> while continuing to develop its own wholesale CBDC model.<br \/>\n    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The project aligns with the upcoming Digital Asset Basic Act, which will define stablecoin rules, issuance rights, and transparency requirements.    <\/li>\n<p>    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        Companies have already filed trademarks like KBKRW and KRWST. This suggests that the technical and legal groundwork for South <\/li>\n<p><\/span><span data-preserver-spaces=\"true\">Korea\u2019s<\/span><span data-preserver-spaces=\"true\"> first major bank-issued stablecoin is well underway.<br \/>\n    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><br \/>\n    <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">    <\/span><\/p>\n<\/div>\n<p>    <\/span><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/south-korea-stablecoin-plan-backed-by-major-banks\/\">South Korea\u2019s Biggest Banks Join Forces on Won-Backed Stablecoin<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A group of South Korea\u2019s top commercial banks is taking a major step toward launching a stablecoin tied to the Korean won. A consortium including KB Kookmin, Shinhan, Woori, Nonghyup, Industrial Bank of Korea, Suhyup, Citi Korea, and Standard Chartered Korea is leading the plan. Their goal is to bring a bank-issued digital won to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-33781","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/33781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33781"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/33781\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}