The Open Blockchain & Decentralized Identifier Association Inc. (OBDIA), a non-profit organization, is set to launch a dedicated stablecoin unit with participation from the Korea Financial Telecommunications and Clearings Institute (KFTC) and leading banks.

According to financial industry sources on Wednesday, the new unit will be established on Thursday, with involvement from KB Kookmin Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, Industrial Bank of Korea, and Suhyup Bank, among others.

Stablecoins are a form of virtual currency designed to reduce price volatility by pegging their value to fiat currencies. Most are currently tied to the U.S. dollar and are increasingly used for domestic and international payments and remittances.

In Korea, discussions on the institutionalization of stablecoins are still in the early stages, taking place alongside broader debates on legal frameworks for virtual assets.

The newly formed unit will assess the potential impact of stablecoins on the banking sector and develop private-sector strategies for response and adaptation.

“The growing adoption of stablecoins for payments and cross-border remittances, both domestically and internationally, could affect traditional banking systems,” said an industry insider.

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