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NH NongHyup Bank steps up plans for won stablecoin ecosystem

NH NongHyup Bank said it held a strategic meeting with global digital asset infrastructure company Fireblocks at its Seoul headquarters on Feb. 2 to discuss a proof-of-concept for digitalising tax refunds and plans to build a won stablecoin ecosystem. The tax refund project began in November and completed its design in January, with development and testing due by April. The two sides discussed cooperation models linking bank-based trust structures with global blockchain networks.