00:0321 global banks just formed a dollar stablecoin alliance.
00:06Korea is not in it.
00:08The consortium plans a jointly issued dollar-pegged token.
00:11The market it is entering is already dominated by two names.
00:15Korean regulators are still debating the ground rules.
00:18It's Thursday, September 3rd.
00:19Let's break down what's happening in Korea's financial sector.
00:22Bank of America is among the institutions organizing the effort.
00:27Participants span the US, Europe, and Japan.
00:30Korean banks are absent from the founding list.
00:33Here's what the numbers show.
00:3421 global financial institutions have joined the dollar stablecoin issuance alliance.
00:40USDT circulation stands at $182.3 billion, the largest in the market.
00:45USDC follows at $73.6 billion, with DAI at $4.55 billion and USDS at $4.2 billion.
00:54USD1 circulation is $670 million.
00:58Separately, Shinhan Bank raised deposit rates on its main products by up to 0.36 percentage points.
01:04So what does this mean for banking analysts and regulators?
01:07Earlier, we said Korean regulators are still debating the ground rules.
01:11Here's what that actually means for you.
01:13Settlement rails set by a bank consortium become defaults quickly,
01:16and latecomers connect on terms they did not write.
01:20The cost of absence is measured in access, not in market share.
01:24Watch the alliance's issuance timeline and its named participants.
01:27Watch Korea's legislative track on won-denominated stablecoins.
01:31Watch USDT and USDC circulation for share shifts once the token launches.
01:36That's today's AI Prism, Finance Daily.
01:40This episode was produced with AI assistance based on Seoul Economic Daily reporting,
01:45and reviewed by a human editor.
01:47AI Prism is a Juan Ifra award-winning series.
01:50We'll be back tomorrow.
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