Eight of South Korea’s most prominent financial institutions—KB Kookmin, Shinhan, Woori, NongHyup, Industrial Bank of Korea, Suhyup, Citibank Korea, and Standard Chartered Korea—have joined forces in a groundbreaking effort to issue a Korean won-backed stablecoin. The banks are forming a regulated consortium with plans to launch the stablecoin as early as late 2025 or early 2026. This move marks one of the most coordinated private-sector digital currency initiatives in Asia, signaling a major shift toward mainstream adoption of blockchain-powered financial products. The stablecoin will be pegged 1:1 to the Korean won ... (full story)