Mars Financial News, According to the South Korean 'Economic Review' report, eight major banks in South Korea are preparing to establish a joint venture company to produce the South Korean stablecoin. Participating institutions include the National Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, Industrial Bank of Korea, Suhyup Bank, Citibank Korea branch, and Standard Chartered Korea branch. The project is jointly promoted by the Banks Open Blockchain and Decentralization Identifier Association, the Korea Financial Telecommunications and Clearings Institute, and is currently discussing the underlying infrastructure. If approved by regulators, the joint venture company is expected to officially launch by the end of this year or early next year. The project team is currently considering two production models: one is the custody partner model, which first separates customer funds into custody partners before producing the stablecoin; the other is the token deposit model, linking the stablecoin directly to bank deposits.