Catenaa, Thursday, November 13, 2025- Major South Korean financial groups are forming alliances with technology giants Naver, Kakao, and Samsung Electronics to secure a foothold in the emerging stablecoin market, according to industry sources.
KB, Shinhan, Hana, and Woori Financial Groups are racing to integrate stablecoins pegged to the Korean won as domestic transaction volumes surpass 60 trillion won ($41.15 billion) despite the market not yet being fully legalized.
Banks are expected to act as primary issuers of won-backed stablecoins, individually or via joint consortia, while tech partners provide the platforms and ecosystems for practical adoption.
KB, Shinhan, and Hana have already collaborated with Naver on pilot launches, and discussions are underway to expand three-way partnerships with Naver and Dunamu, operator of Upbit.
Woori Bank is working with Samsung Wallet to issue and manage digital coins through Galaxy smartphones.
Financial groups are also preparing affiliates in credit cards, insurance, securities, and asset management for stablecoin-related services, including reserve management, risk control, and integration with existing payment systems.
KB Kookmin Bank has filed trademarks combining “KB” with “KRW” as a potential ticker for a won-backed stablecoin. Shinhan and Hana are running pilot programs, including cross-border applications, while Woori has taken a 5% stake in digital asset custody firm BDACS.
Regulators plan to submit a stablecoin bill to the National Assembly by the end of 2025.
Korean banks partner with Naver, Kakao, and Samsung to issue won-backed stablecoins, leveraging tech platforms for adoption amid a growing $41 billion domestic market.
