Hana Financial Group is forming a won stablecoin consortium with BNK Financial Group and iM Financial Group.
According to the financial sector on the 16th, Hana Financial Group recently signed multilateral agreements with BNK Financial Group, iM Financial Group, Standard Chartered Bank Korea, OK Savings Bank and others to form a consortium to respond to a won stablecoin. Once legislation related to a won stablecoin is prepared, they agreed to establish a special-purpose company (SPC) to issue the coin through future equity contributions.
Within Hana Financial Group, Hana Bank has been taking the lead in devising and preparing the stablecoin business, including signing a memorandum of understanding (MOU) with Circle, which issues the stablecoin USD Coin (USDC). However, because this consortium is being pursued at the Hana Financial Group level, it is expected to move quickly.
The consortium is also said to have signed MOUs with various corporations in fields such as travel communications and insurance where a won stablecoin would be used. However, because specific guidelines on coin issuance have not yet been set, detailed discussions are said not to have taken place.