The South Korean stablecoin market has broad development prospects, with multiple parties competing for the initiative.

With the South Korean government's clear support for domestic currency-pegged stablecoins, the South Korean cryptocurrency industry is gearing up. From commercial bank alliances to tech giants and Web3 companies, various participants are actively positioning themselves, hoping to secure an advantageous position in the upcoming regional and even global stablecoin competition.

Currently, the National Assembly of South Korea is reviewing the "Basic Law on Digital Assets" to provide a legal basis for private institutions to issue Korean won stablecoins. Financial regulatory authorities are also accelerating the establishment of operational norms in line with international standards. The industry generally expects that the second half of 2025 to the first half of 2026 may be a window period for explosive growth in the South Korean stablecoin market.

Among the numerous potential issuers, the bank alliance, tech giants, and Web3 enterprises are the three most关注ed camps:

Banking Alliance: Eight Major Banks Join Forces

According to reports, eight major commercial banks in South Korea are planning to establish a joint venture to issue a Korean won stablecoin. The participating banks include Kookmin Bank, Shinhan Bank, and Woori Bank, among others. The project team is considering two issuance schemes: a trust model and a deposit token model, with the joint venture potentially being established by the end of this year or early next year.

Among them, Korea's largest retail bank, Kookmin Bank, has been the most proactive and has initiated the relevant trademark registration process. Shinhan Bank, on the other hand, has taken the lead due to its previous experience with the stablecoin pilot project in collaboration with Hedera. Woori Bank, NongHyup Bank, and others have also accumulated extensive experience in CBDC testing and blockchain projects.

Tech Giants: Kakao Pay and Kaia Join Forces for Layout

As a giant in the South Korean payment sector, Kakao Pay has recently officially launched its business layout for the Korean won stablecoin, submitting 18 related trademark applications to the intellectual property office. Kakao Pay is expected to leverage its ecological advantages in social, payment, and financial services to provide a vast array of application scenarios for the stablecoin.

At the same time, the public chain Kaia, formed by the merger of Klaytn and Finschia, also announced that it will fully promote the Korean won stablecoin on its mainnet. Kaia is collaborating with super applications like Kakao Pay, aiming to achieve integrated cross-chain and cross-platform circulation of "on-chain + social + payment."

Web3 Enterprises: Nexus Seizes the Opportunity

The blockchain startup Nexus has issued a Korean won stablecoin named KRWx on the BNB Chain and submitted a trademark registration application to the patent office. Nexus also plans to establish a subsidiary in Hong Kong to promote the internationalization of the stablecoin.

In addition, the established payment service provider Danal is also actively preparing to submit patent applications related to POS terminals that support virtual asset payments to the patent office. IT solution providers such as Samsung SDS and LG CNS, with their mature blockchain infrastructure, are also seen as potential participants and beneficiaries.

With the gradual improvement of relevant regulations, the South Korean stablecoin market is expected to usher in rapid development. Various participants are actively laying out plans to seize market opportunities. The future development trend of the Korean won stablecoin is worth continuous attention.