On June 25, 2025, eight major South Korean banks initiated a collaborative project to develop a stablecoin tied to the Korean won. This move aims to reduce the influence of US dollar-pegged stablecoins in the global digital finance market. The participating banks include KB Kookmin Bank, Shinhan Bank, and Woori Bank, among others. (Source: Hybrid Monetary Ecosystems: Integrating Stablecoins and Fiat in the Future of Currency Systems, June 2025)
The stablecoin is slated for launch in late 2025 or early 2026, with a trust-based model potentially using a 1:1 deposit token scheme, pending regulatory approval. This initiative aligns with South Korea's efforts to establish a clear regulatory framework for digital assets. On June 10, 2025, the ruling party proposed the Digital Asset Basic Act to facilitate stablecoin issuance. (Source: Hybrid Monetary Ecosystems: Integrating Stablecoins and Fiat in the Future of Currency Systems, June 2025)
While supported by blockchain organizations, Bank of Korea Governor Rhee Chang-yong expressed concerns about potential complications for monetary management. However, the central bank head did not oppose the issuance of a won-pegged stablecoin. This development reflects a global trend, as stablecoins have a market capitalization exceeding $200 billion as of early 2025. (Source: Hybrid Monetary Ecosystems: Integrating Stablecoins and Fiat in the Future of Currency Systems, June 2025)