Samsung, Shinhan, and Hana Financial partner on won stablecoin project

Samsung, Shinhan Financial Group, and Hana Financial Group are partnering to establish a framework for issuing, distributing, and using a won-backed stablecoin, Maeil Business Newspaper reported. According to sources in the financial and business sectors, Shinhan Financial Executive Director Jin Ok-dong and Hana Financial Chairman Ham Young-joo recently agreed with Samsung to launch the initiative and have begun preparations. The financial groups reportedly determined that Samsung's participation is essential, viewing its technological expertise and strong overseas business foundation as key to making a won-backed stablecoin competitive against its dollar-pegged counterparts.