🇰🇷 Bank of Korea Out! Eight Major Banks Join Forces to Create a Decentralized Korean Won Stablecoin

With the CBDC project halted, eight major Korean banks, including KB Kookmin Bank and Shinhan Bank, have formed a consortium to actively promote a "Korean Won stablecoin" project that does not rely on the central bank, which is expected to be launched by the end of 2025.

The Financial Supervisory Service (FSS) has publicly stated that it will cooperate with the Open Blockchain and DID Association to provide technical and compliance support for the stablecoin project, making the "decentralized Korean Won stablecoin" no longer just an experimental concept, but a viable roadmap as an alternative to CBDC.