Nonghyup Bank Accelerates Efforts to Build a Korean Won Stablecoin Ecosystem

Tax Refund Digitalization PoC with Fireblocks
Development and Testing to Be Completed by April This Year

NH Nonghyup Bank announced on the 4th that it recently held a strategic meeting at its headquarters in Jung-gu, Seoul, with Fireblocks, a global digital asset infrastructure company, under the theme of "Proof of Concept (PoC) for the Digitalization of Tax Refunds and Plans for Building a Korean Won Stablecoin Ecosystem."

The meeting was attended by executives and working-level staff from Nonghyup Bank's Artificial Intelligence (AI) Data Division, as well as Stephen Richardson, Chief Strategy Officer (CSO) of Fireblocks, and global and Asia sales heads.

The PoC for the digitalization of tax refunds currently being carried out by the two companies began in November last year, followed by an offline workshop, and the design phase was completed last month. They plan to complete development and testing by April this year.

In addition, Fireblocks presented its strategies for wallet solutions, security infrastructure, regulatory compliance, and global network expansion based on its experience in operating digital assets for global banks and institutional investors, and shared global cases of stablecoin adoption in the financial sector, as well as trends in global payment, distribution, and security infrastructure.

Nonghyup Bank and Fireblocks agreed that a Korean won stablecoin could evolve into a core payment rail that connects overall financial infrastructure and digital asset services, and discussed a cooperation model that combines a bank-centered, trust-based structure with global blockchain networks.

A Nonghyup Bank official explained, "Building a digital asset ecosystem centered on a Korean won stablecoin, based on this round of discussions, we plan to simultaneously pursue connectivity with global financial infrastructure and financial innovation in Korea in line with the direction of institutionalization."