South Korean banks and fintech companies are accelerating the formation of a KRW stablecoin alliance, despite the lack of finalized legislation. KB Kookmin Bank is set to partner with Toss, with KB leading issuance and Toss managing circulation. Shinhan Financial Group continues its collaboration with Samsung Financial, while Woori Bank and NH Nonghyup Financial Group are considering a partnership with Kakao. Hana Bank has invested 1 trillion KRW in Dunamu and is working with Naver to build the country's largest stablecoin ecosystem. Concurrently, the Bank of Korea is progressing with the "Han River Project," a pilot for tokenized deposits. A swift launch of this project could challenge the necessity of KRW stablecoins, potentially delaying legislative developments.