Eight major banks in South Korea are planning to establish a joint venture company to issue a Korean Won Stablecoin, and are exploring two issuance models.

Mars Financial News, according to the South Korean "Economic Review" report, eight major banks in South Korea are preparing to establish a joint venture company, planning to issuance Korean Won Stable Coin. Participating institutions include the National Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, Korea Industrial Bank, Suhyup Bank, Citibank Korea Branch, and Standard Chartered Korea Branch. The project is jointly promoted by the Bank Open Block Chain and Decentralization Identifier Association and the Korea Financial Telecommunications & Clearings Institute, and is still under discussion on the underlying infrastructure. If approved by the regulators, the joint venture company is expected to officially go live at the end of this year or early next year. The project team is currently considering two issuance models: one is the trust accomplice model, which first independently trusts the client's funds before issuance of Stable Coin; the other is the Token deposit model, which directly links Stable Coin to bank deposits.