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The competition for the Korean won stablecoin is heating up as banking technology giants strive for the high ground.
Competition Intensifies in the Korean Won Stablecoin Market: Multiple Parties Compete for Early Advantage
Since taking office, South Korean President Lee Jae-myung has witnessed rapid development in the Korean won stablecoin market. Various longer forces are strategically positioning themselves, aiming to seize opportunities in this emerging field.
Currently, eight major commercial banks are planning to establish a joint venture to issue a Korean won stablecoin. The participating banks include well-known institutions such as Kookmin Bank, Shinhan Bank, and Woori Bank. The project team is considering two issuance schemes: a trust model and a deposit token. The joint venture is expected to be established as early as the end of this year or early next year.
Among traditional tech giants, Kakao Pay is the most active. The company has submitted 18 trademark applications related to stablecoins to the Korean Intellectual Property Office, covering areas such as virtual asset trading and electronic transfers. Kakao Pay will leverage its advantages in the payment and social fields to provide a wide range of application scenarios for stablecoins.
The blockchain company Kaia also stated that it will fully promote the Korean won stablecoin on its mainnet. Kaia is collaborating with super apps such as Kakao Pay and LINE NEXT to achieve an integrated circulation of "on-chain + social + payment."
The established payment service provider Danal has restarted its digital currency business and has applied for multiple patents for POS terminals that support virtual asset payments. Danal has a mature payment clearing system, which offers advantages in the stablecoin business process.
The blockchain startup Nexus has issued a Korean won stablecoin named KRWx on the BNB Chain and has applied for the relevant trademarks. The company also plans to launch more fiat-backed stablecoins.
Samsung SDS and LG CNS are also seen as potential stablecoin infrastructure providers with their mature enterprise-level blockchain solutions.
With the advancement of the "Digital Asset Basic Law", the South Korean stablecoin market is expected to witness rapid growth from the second half of 2025 to the first half of 2026. Various participants are actively positioning themselves in order to seize opportunities in this emerging market.