Eight major South Korean banks, including Kookmin Bank and Shinhan Bank, are collaborating to establish a joint venture aimed at issuing a Korean won stablecoin. The initiative, supported by the Open Blockchain and Decentralized Identifier Association and the Korea Financial Telecommunications and Clearing Agency, is exploring two issuance models: a trust model and a deposit token model. The venture, pending regulatory approval, could launch by the end of this year or early next year.