Hana Financial forms consortium to issue stablecoin

Hana Financial Group has formed a consortium of financial institutions to issue a stablecoin, News1 reported. The consortium includes BNK Financial Group, iM Financial Group, Standard Chartered Bank Korea, and OK Savings Bank. The group plans to establish a special purpose company (SPC) through a joint investment to handle the future issuance. This initiative aligns with a plan currently under review by South Korean financial authorities to grant initial issuance rights to consortiums where a bank holds a majority stake of over 50%, a measure intended to ensure market stability.