The Bank of Korea has paused the second phase of its central bank digital currency (CBDC) project following increased complaints from participating banks and ongoing debates over the legislation of a Korean won stablecoin. Nine banks, including KB Kookmin, Shinhan, and Hana, are actively engaged in discussions regarding the issuance of stablecoins and open blockchain technologies. Busan Bank and others are expected to join these efforts. Additionally, banks are collaborating with non-bank entities like Hashed to advance the stablecoin business, leveraging the lower entry barriers established by the Virtual Assets Basic Law.