Korean financial giants join forces with Samsung and Kakao to seize the stablecoin market, positioning themselves ahead of the law proposal at the end of the year.

According to Mars Finance, as reported by CCN, major financial holding companies in South Korea are actively collaborating with tech giants such as Samsung Electronics, Naver, and Kakao to seize the upcoming stablecoin market in the country. With the South Korean Financial Services Commission planning to submit a comprehensive stablecoin bill to Congress by the end of 2025, financial groups like KB, Shinhan, Hana, and Woori are accelerating their preparations, hoping to launch the first KRW-pegged stablecoins before the regulatory framework officially kicks in. Once the bill is passed, KRW-supported stablecoins will be officially legalized, allowing banks to issue them either independently or in partnership with private entities. Since building blockchain and payment infrastructure from scratch could take years, banks are opting to ally with tech giants that already have robust platform ecosystems. KB Kookmin Bank has applied for over 17 trademarks for the “KB KRW” stablecoin and established a dedicated department, while Shinhan Financial Group is trialing KRW-supported tokens on its delivery app, Hana Financial Group has set up a digital asset task force, and Woori Financial Group is collaborating with Samsung Electronics on Samsung Wallet. Despite being in a regulatory gray area, domestic stablecoin trading volume in South Korea has already surpassed 60 trillion KRW in 2023, approximately 41 billion USD, and major financial institutions hope to establish market credibility early. By ensuring regulatory compliance through banks and providing convenience and scalability through tech companies in a hybrid model, South Korea may create a unique digital currency system.