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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, June 4 — South Korea’s financial and tech companies are accelerating efforts to form alliances for a won-denominated stablecoin market, despite delays in related legislation.
According to industry sources, KB Financial Group is exploring a partnership with Toss, with KB Kookmin Bank expected to lead issuance and Toss handling distribution.
Meanwhile, Kakao Corp. is seeking banking partners, including Woori Financial Group and NH NongHyup Financial Group, after shifting strategy toward a bank-led issuance model.
Separately, Hana Financial Group recently moved to acquire a stake in Dunamu, which operates the Upbit crypto exchange, in a deal aimed at building a comprehensive stablecoin ecosystem in collaboration with Naver.
Industry players are racing to form consortia ahead of regulatory clarity, though competition concerns and antitrust reviews could emerge as key variables. The Bank of Korea’s deposit token pilot project may also affect the outlook for private stablecoins, potentially reshaping the market landscape.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
