Global Banks Snub Seoul in Stablecoin Alliance
Korean financial firms have been excluded from a global alliance of large banks that aims to issue a dollar-pegged stablecoin. The group, led by US institutions and spanning North America, Europe, and Asia, includes Bank of America, Citi, Wells Fargo, and UBS.
The new entity, set to be established in the second half of this year, plans to build a payment network and issue the coin in the first half of next year. The dollar stablecoin will be pegged one-to-one to the US dollar and circulate on public blockchains like Ethereum and Solana.
The move is attributed to reduced regulatory uncertainty in the US and Europe, with laws such as the GENIUS Act and the Markets in Crypto-Assets Regulation now in place. This has given established financial companies more room to enter the digital asset market directly.