Eight major banks in South Korea are working on a stablecoin backed by the won, aiming to protect the currency from the growing US dollar dominance.
Eight major South Korean banks will team up to launch a stablecoin pegged to the country’s won currency, marking a significant step toward digital asset adoption.
According to an Econovill report, the project involves institutions including KB Kookmin, Shinhan, Woori, Nonghyup, Corporate, Suhyup, Citi Korea and SC First Bank. The collaboration aims to combat increased dollar dominance due to the rise of dollar-pegged stablecoins.
Data from the real-world asset (RWA) tokenization tracker RWA.xyz shows that stablecoins have a market capitalization of over $239 billion. The data also shows that 99% of the stablecoins issued are pegged to the US dollar.
