South Korea’s top financial holding companies are racing to partner with big tech firms as they prepare to launch stablecoin projects amid growing industry hype.
According to a recent report by The Korea Times, four of the country’s largest financial institutions—KB Financial Group, Shinhan Financial Group, Hana Financial Group, and Woori Financial Group—have begun forming corporate partnerships with technology giants. These collaborations aim to capitalize on the imminent stablecoin boom sweeping global markets.
Industry officials revealed that these financial groups are pursuing partnerships with big tech companies such as Naver, Kakao, and Samsung Electronics. The goal is to establish the technological infrastructure necessary to launch stablecoins and facilitate related transactions.
Although stablecoins have not yet been formally recognized as a payment system by the South Korean government, domestic stablecoin transaction volumes have already exceeded $41.15 billion, reflecting growing adoption within the financial sector.
A South Korean industry official emphasized the importance of partnering with tech firms, stating that banks would require significant time to develop their own infrastructure. “Tech giants, on the other hand, already have strong platform ecosystems and are best positioned to secure practical use cases once stablecoins are issued,” the official added.
Currently, discussions about issuing stablecoins pegged to the Korean won have largely focused on banks as the favored primary issuers. However, whether stablecoin issuance will be managed by a consortium of banks or by individual entities remains uncertain. Meanwhile, fintech companies are primarily viewed as technical partners in this new wave.
To date, KB Financial Group, Shinhan Financial Group, and Hana Financial Group have formed partnerships with South Korean internet conglomerate Naver for joint product launches and other initiatives. These firms are also exploring expanded collaborations with Dunamu, the operator of Korea’s largest cryptocurrency exchange, Upbit.
Woori Financial Group has expanded its longstanding partnership with Samsung Electronics, specifically its digital wallet service, Samsung Wallet. In addition, Woori holds a 5% stake in digital asset custody firm BDACS. BDACS successfully launched the KRW-pegged stablecoin KRW1 on September 17, following a proof-of-concept conducted in collaboration with Woori Bank.
### South Korean Regulators Move Closer to Introducing Stablecoin Legislation
At press time, South Korean financial regulators are preparing to propose a bill regulating stablecoins to the National Assembly. Known as “phase 2 of cryptocurrency law,” the legislation is expected to be submitted by the end of this year.
If passed, this proposed bill would establish South Korea’s first unified framework for stablecoin issuance. It aims to clarify how won-pegged tokens can be issued, launched, and managed by institutions, bringing much-needed regulatory certainty to the market.
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