Crypto

Wall Street-led group of 21 financial firms pledges $270 million to issue dollar stablecoin

Global banks and other financial institutions have pledged about $270 million, or 363 billion won, to a joint U.S. venture codenamed Project Faro to issue a dollar-pegged stablecoin. The funding is expected to cover the issuer\'s first five years of operating costs. The group has expanded to 21 institutions and plans a launch in the first half of 2027. The venture is still pre-launch and has not named a CEO or final corporate name.

Finance

Korean banks seen making limited profitability gains next year amid corporate loan competition, bad-loan risks

Korean banks are expected to post modest loan growth in 2027 led by large-company lending, but profitability gains are likely to be limited as net interest margins stagnate amid rising funding costs and tougher lending competition, an industry outlook seminar heard. The Korea Institute of Finance said credit risks could rise in vulnerable sectors as rates climb and growth diverges by industry, adding pressure on asset quality, capital management and provisioning, with regional banks facing additional strain.