Shinhan joins rival banking alliance to discuss won stablecoin

Shinhan Financial Group has joined a coalition of major South Korean banks to discuss a won-denominated stablecoin project, according to financial industry sources on June 1. The group, which also includes KB, Toss, the Industrial Bank of Korea (IBK), BNK Financial, and iM Bank, held a private digital asset meeting in Seoul today. The move is seen as a response to a separate consortium led by Hana Financial Group with Dunamu and Naver. A high-ranking financial official told the Seoul Economic Daily that Hana's leading role in that project has made it difficult for other large banking groups to get involved, potentially creating a 'Hana versus the rest' dynamic in the sector.