On June 25, it was reported that eight major banks in South Korea were preparing to establish joint ventures and plan to issue Korean won stablecoins. Participating institutions include Kohmin Bank, Shinhan Bank, Woori Bank, Agricultural Cooperative Bank, Korea Industrial Bank, Water Cooperative Bank, Citibank Korea Branch and Standard Chartered Bank Korea Branch. The project is jointly promoted by the Bank's Joint Open Blockchain and Decentralized Identifier Association, and the Korea Financial Telecommunications and Clearing House, and discussions are still under way on the underlying infrastructure. If regulatory approval is approved, the joint venture is expected to be officially launched by the end of this year or early next year. The project team is currently considering two issuance models: one is a trust model, in which client funds are independently trusted before issuing stablecoins; the other is a deposit token model, which directly links stablecoins to bank deposits.