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Hana Financial Stablecoin Consortium Adds SC Korea

Hana Financial Group has moved to build a bank-led stablecoin consortium in South Korea, with SC First Bank, Standard Chartered’s Korean subsidiary, among the reported participants. The consortium signals that traditional banks in Seoul are positioning for stablecoin issuance ahead of expected regulatory clarity under the country’s evolving digital asset framework.

What Hana Financial and SC First Bank Are Doing in Seoul

Korean media reported on January 16, 2026 that Hana Financial formed a stablecoin consortium alongside four other financial institutions: BNK Financial, iM Financial, SC First Bank, and OK Savings Bank.

Reported consortium size
5 institutions
Asiae reported that Hana Financial joined a stablecoin consortium with BNK Financial, iM Financial, SC First Bank, and OK Savings Bank.

Separate coverage from Financial News Korea indicated the consortium was planning a special purpose company (SPC) structure for future stablecoin issuance. The arrangement positions multiple mid-to-large Korean financial players under a shared vehicle rather than competing individually.

SC First Bank’s participation is notable because it represents Standard Chartered’s footprint in Korea. However, no direct bilateral announcement between Hana Financial and Standard Chartered has been publicly confirmed. The cooperation appears to be consortium-level co-participation rather than a formal one-to-one partnership between the two groups.

Why the Alliance Matters for South Korea’s Stablecoin Race

The consortium move followed Hana Financial’s broader push into blockchain-based finance. On December 4, 2025, Hana signed a memorandum of understanding with Dunamu, the operator behind crypto exchange Upbit, covering blockchain-based overseas remittance, foreign exchange operations, and Hana Money services.

Hana’s executive team was explicit about the strategic timing. Lee Eun-hyung, speaking at the MOU signing, said the partnership reflected a pivotal moment:

“Now, with the institutionalization of stablecoins approaching, is a critical moment when a new chapter in future finance is opening. Hana Financial and Dunamu have come together to seize this opportunity.”

That December deal with Dunamu and the January consortium formation together suggest a deliberate two-step strategy: first secure blockchain infrastructure partnerships, then join a bank-led issuance group. South Korea’s stablecoin policy debate has centered on whether issuance should begin through bank-led consortia, with regulators reportedly favoring bank-centered structures under the expected Digital Asset Basic Act framework.

For Korean banks, the race is not just about stablecoin issuance itself. It is about controlling the payment rails, cross-border remittance channels, and foreign exchange infrastructure that stablecoins could eventually displace or reshape. South Korea has tightened enforcement on crypto platforms in recent years, making bank-led approaches politically safer for institutions seeking regulatory approval.

How Standard Chartered’s Wider Stablecoin Track Record Fits

SC First Bank’s presence in the Hana-led consortium gains additional context from Standard Chartered’s stablecoin activity outside Korea. On February 17, 2025, Standard Chartered announced a joint venture with Animoca Brands and HKT to pursue an HKD-backed stablecoin in Hong Kong.

Standard Chartered CEO Bill Winters framed the move in institutional terms: “Digital assets are here to stay and the development of different forms of tokenised money is integral to the advancement of this industry.”

The Hong Kong initiative is a separate effort from the Seoul consortium, and the two should not be conflated. But Standard Chartered’s group-level experience with stablecoin structures in one Asian market makes SC First Bank a credible consortium participant in another. The bank brings operational familiarity with stablecoin compliance frameworks that purely domestic Korean institutions may lack.

What remains unconfirmed is whether Standard Chartered’s group leadership has endorsed the Korean consortium as a strategic priority, or whether SC First Bank’s participation reflects local decision-making. No primary statement from Standard Chartered’s global office addressing the Seoul consortium has surfaced publicly.

The consortium’s next visible milestone will likely come when South Korea advances its Digital Asset Basic Act deliberations. Until formal stablecoin issuance rules are enacted, the Hana-led group represents institutional positioning, not a live product. Banks in Seoul are placing early bets that the regulatory framework, when it arrives, will reward those already organized into issuance-ready structures.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.