The Bank of Korea has suspended its CBDC project and banks are shifting to stablecoin operations.

According to a report by Maeil Business Newspaper on June 30, the Bank of Korea has recently suspended the second phase testing of the central bank digital currency ( CBDC ) project. This decision was made due to numerous comments from participating pilot banks, while discussions about the won stablecoin in the National Assembly and the private sector are becoming increasingly active. With the project on hold, nine banks including KB Kookmin, Shinhan, and Hana are actively laying out stablecoin business through the open Blockchain and DIDIA ( OBDIA ) platform. Busan Bank, Gyeongnam Bank, and Toss Bank are also considering joining. As the ruling party pushes the "Virtual Asset Basic Law" which significantly lowers private entry barriers, cooperation between banks and non-bank enterprises is also accelerating. It is reported that Hashed, South Korea's largest blockchain investment company, has been in discussions with several major banks regarding stablecoin business.