South Korean Banks Eye Stablecoin Partnerships for Potential Won-Based Launch

South Korea’s major banks are in talks with Tether and Circle, exploring partnerships to launch a won-based stablecoin. This move aligns with the government’s ambition to boost South Korea’s digital finance landscape and create a more robust stablecoin ecosystem. Key players include Shinhan, Hana, and Woori, which aim to distribute stablecoins like USDT and USDC before potentially launching their own won-pegged stablecoin. This partnership could position South Korea as a leader in stablecoin markets, impacting fintech regulations and serving as an example for other nations exploring similar integration.