Hana Financial Group plans to buy a 6.55% stake in Dunamu, the South Korean operator of crypto exchange Upbit, for 1 trillion won ($662 million), as the country’s financial groups position themselves for a future won-backed stablecoin market.

The deal would give Hana exposure to South Korea’s largest crypto exchange. Upbit handled a 71.6% share of domestic trading volume in the first half of 2025, far ahead of Bithumb.

South Korea has not finalized its stablecoin framework. Lawmakers had pushed for a government proposal, amid debate over whether banks should lead issuance or whether tech firms should also be allowed to issue won-backed stablecoins.

The Financial Services Commission said no final decision had been made.

Other financial groups are already testing use cases. KB Financial Group recently completed a proof of concept for won-denominated stablecoin payments, merchant settlement, and remittances.

The Bank of Korea has warned that privately issued stablecoins could affect monetary policy and let firms offer deposit-like services outside bank safeguards.

🔗 Source: The Korea Herald

Recent Hana Financial Group developments