Korean banks to research the stablecoins alternative
Hana Bank plans to conduct research on certificate of deposit tokens, while Woori Bank’s research department has already recently released a report on them. Several private banks in South Korea are studying the potential of tokenized deposits technology, an alternative both to private stablecoins and central bank digital currencies (CBDCs). According to the report from Maeli Business News Korea, Hana Bank and Woori Bank, both private enterprises with headquarters in Seoul, showed interest in so-called “certificate of deposit” tokens (CDs). Essentially CDs are tokenized bank deposits, put on the blockchain. They can replace customary notes and deposits without disrupting the existing banking system. And, of course, CDs require identity verification of the same standards as any traditional bank service. Hana Bank plans to conduct research on CD tokens, while Woori Bank’s research department has already recently released a report on them. From the bankers’ perspective, it seems CDs h...
