Hashed Discusses Issuing Won Coin with Financial Holding Company

Hashd, the largest blockchain investment company in Korea, has begun discussions with major financial holding companies about issuing a won-based stablecoin.

According to the financial industry on the 29th, Hashd's management recently met with top executives of multiple financial holdings and shared new business ideas related to won-based stablecoins.



Hashd is known to have proposed a stablecoin issuance model that combines its expertise with financial holdings' capital. They are considering establishing a separate legal entity where banks participate in equity and Hashd and other businesses collaborate. The meeting also shared materials from an overseas consulting firm that studied stablecoin issuance cases of major US banks.

Some financial holdings reportedly showed a positive response to Hashd's business proposal. This is because Hashd has continuously released stablecoin-related reports and has expertise in virtual asset investments such as Ethereum and Bitcoin.

In particular, Kim Yong-beom, who was the policy chief of the Presidential Office until early this month, served as the representative of Hashd Open Research, a think tank, and has been leading discussions on won-based stablecoin issuance, which has also enhanced Hashd's position in the market. A high-ranking official from a financial holding company said, "It seems Hashd has a separate model for stablecoins" and "We are examining the overall possibilities of issuing a won-based stablecoin." Another holding company official stated, "It could be one method for Hashd, which has expertise in this field, to directly issue a stablecoin" and "The consortium participating companies can be formed accordingly."

In fact, the domestic banking sector is proactively reviewing its own stablecoin issuance in line with the trend of major countries like the US and Hong Kong legalizing stablecoin issuance. The recent slowdown in discussions about Central Bank Digital Currency (CBDC) led by the Bank of Korea is also a reason for banks to gain momentum in stablecoins. The National Policy Planning Committee has also previously requested that the Bank of Korea take a more forward-looking stance on stablecoin issuance. Hashd said, "It is true that we met with financial holdings and are providing technical advice on stablecoin issuance" but "We are not leading the business, and it is not yet at a stage to be disclosed specifically."

Reporter Kim Jung-woo