South Korean Financial Groups Compete to Launch Stablecoins — What’s Their Strategy?

Jakarta, Pintu News – Leading financial groups in South Korea are racing to partner with major tech companies in preparation for the launch of a stablecoin project. According to a recent report by The Korea Times, four of the country’s largest financial institutions have already begun collaborations with tech giants. The partnership aims to capitalize on the stablecoin boom that is sweeping the global market.

Korean banks and tech giants develop stablecoins

KB Financial Group, Shinhan Financial Group, Hana Financial Group, and Woori Financial Group have announced partnerships with technology companies such as Naver, Kakao, and Samsung Electronics. The main goal of these partnerships is to build the necessary technological infrastructure for the launch of stablecoins or facilitate transactions.

Although the use of stablecoins has not been officially recognized as a payment system by the government, domestic stablecoin transaction volume has reached over $41.15 billion. Partnerships with major technology companies are considered an important step in the development of the technology required for stablecoin issuance.

According to an industry official, banks will take a long time to build their own infrastructure. Therefore, this partnership is key to speeding up the process.

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Korean banks expand alliances with Naver, Upbit, and Samsung

KB, Shinhan, and Hana have started working with South Korean internet conglomerate Naver on joint product launches and other initiatives. In addition, the three companies have also begun exploring ways to expand their partnership with Dunamu, the operator of Korea’s largest crypto exchange, Upbit. On the other hand, Woori has expanded its long-term partnership with Samsung Electronics, specifically its digital wallet company Samsung Wallet.

Unlike Naver and Kakao, which are expected to enter the crypto market through financial groups, Samsung Electronics already has the operational capacity to issue and manage coins. Woori Financial Group also has a 5% stake in digital asset storage company BDACS, which has launched a stablecoin pegged to the Korean won, KRW1, on September 17 in a successful proof of concept.

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South Korea prepares new stablecoin bill

Meanwhile, South Korea’s financial regulator is getting closer to submitting a draft law that will regulate stablecoins to the National Assembly. The bill, dubbed “phase 2 of the cryptocurrency law”, is expected to be submitted to the assembly by the end of this year.

The Chairman of the South Korean Financial Services Commission, Lee Eok-Won, announced that under the proposed rules, stablecoin holders will no longer be allowed to earn proceeds through token holding.

The draft law will provide the first unified framework for stablecoin issuance in the country. It is expected to provide clarity on how tokens pegged to won can be issued, launched, and managed by institutions.

Conclusion

As interest in stablecoins grows in South Korea, cooperation between major financial groups and technology companies is key to accelerating the adoption and integration of this technology. This strategic partnership will not only strengthen South Korea’s position in the global crypto market but also ensure compliance with upcoming regulations.

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Reference

• Crypto News. South Korea Financial Groups Race to Issue Stablecoins. Accessed on November 11, 2025
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