Korean banks team up with tech giants on stablecoins

Korea’s largest financial groups — KB, Shinhan, Hana, and Woori — are partnering with major tech firms like Naver, Kakao, and Samsung Electronics to strengthen their position in the stablecoin market.

Transaction volumes in the sector have already surpassed 60 trillion won (US$41.2 billion).

Regulators are also preparing a bill to oversee stablecoins by the end of 2025.

Banks from these groups are being considered as potential issuers of won-pegged stablecoins, either independently or through joint ventures.

KB, Shinhan, and Hana are working with Naver and exploring partnerships with Dunamu, the operator of Upbit, while Woori is deepening its partnership with Samsung Electronics through Samsung Wallet Money and Points.

Financial groups are also investing in digital asset infrastructure, forming new task forces and running pilot projects ahead of regulatory changes.

🔗 Source: The Korea Times

🧠 Food for thought

Implications, context, and why it matters.

Bank tech tie-ups hinge on who issues KRW stablecoins under pending rules

The Financial Services Commission (FSC) plans stablecoin legislation for October 2025, but the issuer of won-pegged tokens remains undecided 1. The Basic Digital Asset Act would cut minimum equity to 500 million won ($368,000) 2, while the Bank of Korea warns against non-bank issuance due to monetary policy risks 3.
A bank-led consortium model is expected, with banks handling issuance and risk while fintechs provide wallets and distribution 4. The setup aligns KB/Shinhan/Hana/Woori with Naver/Kakao/Samsung, though the balance of control stays unclear until a vote 4.
Three bills compete, namely Digital Asset Basic Act/Value-Stabilised Assets Act/Payment Innovation Act 4. Partnerships hedge on the winning model plus license eligibility.

Third-party builders can gain by building merchant payment rails before rules settle

Payment gateway developers plus POS (point-of-sale) integrators see early demand as KRWIN, a won-pegged stablecoin, runs pilots for payments, remittances, tourism 5. Busan’s Blockchain Regulation-Free Zone sandbox offers an early lead in merchant onboarding 6.
Compliance technology vendors have an opening under the Anti-Money Laundering (AML) Act 6. Virtual Asset Service Providers (VASPs) must hold Information Security Management System (ISMS) certification and use verified real-name bank accounts, with only five exchanges holding such accounts as of April 2025 6.
Wallet SDK (software development kit) and on/off-ramp developers can tap demand, as USD-backed stablecoin trading hit 57 trillion won ($42 billion) in Q1 2025 on five domestic exchanges 2. Ties with e-commerce platforms plus SMEs (small and medium-sized enterprises) set up embedded distribution for KRW stablecoin use once bank issuers launch.