Eight South Korean Banks Form Consortium to Launch Won-Backed Stablecoin

South Korea's financial sector is making a decisive move into digital assets with eight major commercial banks forming a consortium to establish a won-linked stablecoin venture. The group—including KB Kookmin, Shinhan, and Woori among others—marks the first collective foray by traditional banks into the crypto space.

The initiative aligns with the Bank of Korea's phased approach to stablecoin adoption. Senior deputy governor Ryoo Sang-dai emphasized the importance of gradual implementation, suggesting commercial banks are the natural first issuers. This development signals growing institutional acceptance of crypto assets, particularly as global frameworks like the US GENIUS Act emerge.

Two initial stablecoin models are under discussion, though details remain undisclosed. The consortium's formation reflects broader trends of traditional finance embracing blockchain technology, with South Korea positioning itself at the forefront of regulated digital asset innovation.