Shinhan Bank, South Korea’s largest banking group by assets, is testing the issuance of Korean won-based stablecoin, the firm announced Thursday.
The won-based stablecoin uses Hedera Hashgraph public blockchain and is expected to be ready by the end of this month, according to Yoon Ha-ri, head of Shinhan Bank’s blockchain and new technology division.
“We are currently testing the issuance of won-based stablecoin and if it can be used in overseas remittances,” Yoon said at NFT Busan 2021, a blockchain startup fair hosted by the city of Busan.
It is too early to say whether the stablecoin would be commercialized since it is still in the technology testing phase and its legal issues need to be verified, Yoon added.
Shinhan Bank joined the Hedera Hashgraph Board of Directors in April.
Shinhan Bank’s won-based stablecoin would be the first of its kind in the world.