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South Korean financial giants enter the scene, intensifying competition in the Korean won stablecoin market.
South Korea Launches Competition for Korean Won Stablecoin: Longer Forces Compete for Market Advantage
After Lee Jae-myung's government came to power, the South Korean cryptocurrency industry welcomed new opportunities. Various forces are actively laying out plans in the Korean won stablecoin market, striving to seize the initiative in this emerging field. With the improvement of relevant laws and regulations, the second half of 2025 to the first half of 2026 may become the window period for the explosion of the South Korean stablecoin market.
Bank Alliance: Potential Dominators of the Stablecoin Market
The Bank of Korea maintains a cautious attitude towards stablecoins, believing that they should first be issued by strictly regulated commercial banks. In line with this policy direction, the eight major banks in South Korea plan to establish a joint venture to jointly issue a Korean won stablecoin. Participating banks include Kookmin Bank, Shinhan Bank, Woori Bank, and others.
The project team is considering two issuance models: trust model and deposit token model. The joint venture may be established as early as the end of this year or early next year. National Bank, as the largest retail bank in South Korea, plays a core role in this collaboration and has started applying for relevant trademark rights. Shinhan Bank, with its previous stablecoin pilot experience, will provide technical support for the alliance.
Other participating banks such as Woori Bank and Nonghyup Bank have rich experience in fields like international payments and CBDC testing. The inclusion of Standard Chartered and Citibank's Korean branches provides international network support for stablecoins.
Tech Giants: Seizing Market Opportunities
Kakao Pay, as a leading enterprise in the payment field in South Korea, has shown a proactive approach in the layout of the Korean won stablecoin. The company has submitted 18 trademark applications related to stablecoins to the Korean Intellectual Property Office, covering areas such as virtual asset financial transactions and electronic transfers. Kakao Pay plans to leverage its advantages in social, payment, and financial services to provide large-scale application scenarios for stablecoins.
The Kaia public chain ( is formed by the merger of Klaytn and Finschia. ) also indicates a comprehensive promotion of the issuance of the Korean won stablecoin. The cooperation between Kaia and super apps like Kakao Pay and LINE NEXT is expected to achieve integrated circulation of "on-chain + social + payment."
Traditional Payment Service Providers: Technical Preparedness Ready
The established payment service provider Danal has restarted its digital currency business and has submitted multiple patent applications related to POS terminals supporting virtual asset payments to the Korean Patent Office. With years of accumulated POS terminal network and payment clearing system, Danal has a natural advantage in the stablecoin business process.
Web3 Startups: Seizing First-Mover Advantage
Blockchain startup Nexus has issued a Korean won stablecoin named KRWx on the BNB Chain and has applied for the relevant trademark. Nexus also plans to issue fiat stablecoins such as USD, JPY, and EUR, and is establishing a subsidiary in Hong Kong to promote its international expansion.
Other Potential Participants
Samsung SDS's Nexledger and LG CNS's CBDC system solutions provide a mature technological foundation for the Korean won stablecoin. These two IT giants are expected to become important suppliers of stablecoin infrastructure.
With the advancement of the "Digital Asset Basic Law" and the improvement of the policy environment, the competition in the South Korean stablecoin market is becoming increasingly fierce. Various forces such as bank alliances, tech giants, payment service providers, and Web3 startups are making strides together, and the development prospects of the Korean won stablecoin are promising.