Hana Financial Group has formed a consortium with BNK Financial Group and iM Financial Group to issue a won-backed stablecoin. This marks the first publicly disclosed stablecoin initiative among Korea’s four major financial holding companies. Participants say that once legislation and regulatory frameworks are clarified, they will jointly establish a special purpose company to issue the stablecoin, though discussions on design and business models remain limited at this stage.
The alliance centers on a regional footprint, with BNK Financial in Busan, iM Financial in Daegu and North Gyeongsang, and OK Savings Bank in the Chungcheong region. Issuing the won-stablecoin would be followed by rapid expansion of nationwide distribution networks. The consortium has also signed MOUs with travel, telecommunications, and insurance sectors to define potential use cases and support issuance, circulation, and usage.
Hana Financial’s timing reflects government efforts to push a digital assets framework; authorities plan to address stablecoins in a bill in the first quarter, while the bank-majority ownership threshold (50%+1) remains a point of contention. Hana Financial already expanded ecosystem ties by signing an agreement with Circle, the issuer of USDC, and is working with Dunamu on blockchain-based financial services development. The group is also exploring custody licensing through a BitGo Korea venture. Analysts say competition around won-stablecoins could widen beyond banks to platforms and fintech players as the ecosystem takes shape.
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