NH NongHyup Bank is moving deeper into digital assets through a new partnership with global crypto infrastructure firm Fireblocks, as the bank explores creating a Korean won–based stablecoin ecosystem linked to real-world payments.
The two firms held a strategic meeting on April 2 at NH NongHyup Bank’s headquarters in Seoul, where executives discussed a proof-of-concept (PoC) focused on digitizing tax refunds and designing a broader framework for a won-denominated stablecoin. The initiative aims to connect traditional financial infrastructure with blockchain-based digital asset services through a proprietary payment network.
Fireblocks is working with Nonghyup Bank (NH Bank) to advance Korea’s digital asset infrastructure 🤝🇰🇷
Learn more: https://t.co/xUDWUxu66a
— Fireblocks (@FireblocksHQ) February 6, 2026
Building a bridge between banks and digital assets
At the center of the discussions was the idea that a won stablecoin could serve as a core settlement layer between conventional banking systems and emerging digital asset platforms. NH NongHyup Bank plans to leverage its existing trust-based financial structure, while Fireblocks contributes its blockchain expertise to enable faster, more efficient fund transfers.
The collaboration builds on earlier work between the two parties. In November last year, NH NongHyup Bank and Fireblocks launched a project to digitize tax refunds using blockchain technology. The technical design phase was completed in January, with development and testing scheduled to conclude by April.
Focus on security, regulation, and global standards
Fireblocks shared insights from its work with global banks and institutional investors, covering digital asset custody, security infrastructure, regulatory compliance, and scalable network design. The firm also presented an analysis of stablecoin adoption trends across major financial markets, outlining how similar models could be adapted to Korea’s regulatory and financial environment.
Senior executives from NH NongHyup Bank’s AI and data division attended the meeting alongside Fireblocks’ Chief Strategy Officer, Stephen Richardson.
An NH NongHyup Bank official said the bank aims to build a won stablecoin–centred digital asset ecosystem that connects with global financial infrastructure, adding that the project will align closely with Korea’s evolving regulatory framework.
Meanwhile, Fireblocks announced its acquisition of TRES Finance, a platform offering enterprise-grade financial data and reporting for blockchain transactions.
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