South Korean Banks Form Consortium for Won-Backed Stablecoin Initiative

Eight major South Korean commercial banks have launched a consortium to develop a won-backed stablecoin, marking the country's first collective foray into digital assets by traditional financial institutions. The group—including Citi Korea, KB Kookmin, and Shinhan Bank—partnered with blockchain association OBDIA and financial clearinghouse KFTC following the central bank's endorsement of a phased stablecoin rollout.

KB Kookmin took a decisive step by filing 17 trademark applications for the stablecoin, including proposed tickers like KBKRW and KRWST. The filings cover cryptocurrency transaction software and blockchain management systems, signaling deep technical integration plans. This institutional momentum reflects South Korea's accelerating embrace of blockchain infrastructure amid global competition in sovereign-aligned stablecoins.