Key Developments in Stablecoin Infrastructure
- •South Korea’s top financial groups are partnering with tech giants like Naver, Kakao, and Samsung to develop stablecoin infrastructure.
- •Stablecoin usage in the country has surpassed $41 billion despite lacking full regulatory recognition.
- •Woori and BDACS have already tested a KRW-pegged stablecoin, signaling growing momentum for commercial deployment.
Major Banks Form Alliances with Tech Leaders
South Korea’s largest financial holding companies are moving swiftly to enter the stablecoin sector, forming strategic alliances with major technology firms to secure a footing in the growing digital payments landscape.
KB Financial Group, Shinhan Financial Group, Hana Financial Group, and Woori Financial Group have each initiated talks or established partnerships with major tech companies, including Naver, Kakao, and Samsung Electronics. The collaborations aim to build robust blockchain and payment infrastructures necessary for stablecoin issuance and transaction services.
Industry officials say banks see stablecoins as a natural extension of digital finance. However, they lack the ready-made platforms and user bases needed to roll them out widely.
“Tech giants already operate powerful platform ecosystems that can deliver real-world use cases once stablecoins launch,”
one industry source noted.
Domestic Stablecoin Use Already Surging
Although stablecoins are not yet formally approved as legal payment instruments in South Korea, their usage has been growing across trading, remittances, and internal bank pilots. The report notes domestic stablecoin transactions have surpassed $41 billion, reflecting rising confidence in blockchain-settled value transfers.
Banks are currently the leading candidates to issue Korean won-pegged stablecoins. However, whether issuance will take place through a consortium or individual institutions remains undecided. Meanwhile, fintech firms are expected to serve mainly technical and integration roles, rather than act as primary issuers.
Samsung, Upbit-Linked Partnerships Advance
Three of the financial groups — KB, Shinhan, and Hana — are strengthening their partnership frameworks with Naver and exploring expanded cooperation with Dunamu, operator of Upbit, South Korea’s largest crypto exchange.
Woori Financial Group is deepening its collaboration with Samsung Electronics, particularly in the area of Samsung Wallet. Unlike other tech firms, Samsung already possesses the internal capacity to manage digital assets at scale.
Woori also holds a 5% stake in BDACS, the digital asset custody provider that introduced the KRW-pegged stablecoin KRW1 in September. The proof-of-concept was conducted with Woori Bank, signaling the group’s readiness for a broader rollout once regulatory clarity improves.