South Korean financial giants join forces with Samsung and Kakao to seize the stablecoin market, positioning themselves ahead of the legislation set to be released by the end of the year

According to CCN, major financial holding companies in South Korea are actively collaborating with tech giants such as Samsung Electronics, Naver, and Kakao to seize the country's upcoming stablecoin market.

As the Financial Services Commission of South Korea plans to submit a comprehensive stablecoin bill to the National Assembly 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 is officially established. Once the bill is passed, it will officially legalize KRW-backed stablecoins and allow 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 choosing to ally with tech giants that already have robust platform ecosystems. KB Kookmin Bank has applied for over 17 trademarks for its "KB KRW" stablecoin and established a dedicated department, while Shinhan Financial Group is trialing KRW-backed tokens on its delivery app. Hana Financial Group has formed a digital asset task force, and Woori Financial Group is collaborating with Samsung Electronics on Samsung Wallet.

Despite currently being in a regulatory gray area, domestic stablecoin trading volume in South Korea has surpassed 60 trillion KRW (approximately 41 billion USD) this year, and major financial institutions are eager to establish market credibility early on. By ensuring regulatory compliance through banks and providing convenience and scalability through tech companies, South Korea may create a unique digital currency system.