South Korean Banks Unite on Won-Backed Stablecoin Initiative

Eight South Korean commercial banks have come together to establish a won-backed stablecoin. Their announcement, on 25 June 2025, marks the first time that commercial banks in South Korea have formed a consortium to collectively enter the digital asset business. The banks have entered this collaboration in partnership with the Open Blockchain and Decentralised Identifier. source: https://99bitcoins.com/news/south-korean-banks-unite-on-won-backed-stablecoin-initiative/