Hashd is pushing forward with the development of a won-based stablecoin in collaboration with financial holding companies. They are discussing the formation of a consortium including cryptocurrency specialists, custodians, and trust companies while preparing a new digital currency model.
Hashd, known as the largest blockchain investment company in Korea, recently met with senior executives from multiple financial holding companies to share stablecoin-related ideas and explore potential business cooperation. Particularly after President Lee Jae-myung's inauguration, discussions have become more active as the government has established cryptocurrency industry promotion as a policy direction.
Hashd is reported to have mentioned the possibility of establishing a tech-based company by combining its technological capabilities with the financial holding companies' capital, similar to an internet bank with shared equity and collaboration. Consulting materials referencing stablecoin issuance cases by major US banks were also shared at the discussion table.
This private-sector-driven model differs somewhat from the Bank of Korea's 'deposit Token' experiment based on inter-bank CBDC. While the banking sector remains cautious about the 'Project Han River' being implemented by the Bank of Korea, they are showing interest in issuing their own stablecoin.
Moreover, the Democratic Party recently proposed a bill to relax authorization requirements for won-based stablecoins, raising expectations for institutional reform. Within the ruling party, criticisms are emerging against the Bank of Korea's stance of 'starting from banks'.
Hashd continues to keep the possibility of cooperation with financial holding companies open. Some financial holding companies are reportedly conducting a positive review of this proposal. A financial holding company official stated, "Having a professional entity like Hashd directly issue it is also a method," suggesting a flexible approach to consortium formation.
Attention is also being drawn to Kim Yong-beom's previous role as the representative of a Hashd-affiliated think tank until recently. Kim was deeply involved in discussions about won-based stablecoin issuance.
While Hashd acknowledged contact with financial holding company representatives, they did not disclose specific business models or timelines. They are maintaining a cautious attitude, stating they are only providing "technical advice".
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