PANews reported on November 10th that, according to the Korea Times, major South Korean financial holding companies KB, Shinhan, Hana, and Woori are accelerating partnerships with tech giants such as Naver, Kakao, and Samsung Electronics to gain a competitive edge in the rapidly growing stablecoin market. Despite the market not being fully legalized, domestic stablecoin trading volume has already exceeded 60 trillion won (approximately US$41.15 billion).

Financial regulators plan to submit a stablecoin regulatory bill to Congress by the end of 2025, and banks, as core business units of holding groups, are expected to become major issuers of won-pegged stablecoins. Partnerships with technology companies are seen as crucial, as tech giants possess mature platform ecosystems that enable rapid practical application of stablecoins.

KB, Shinhan, and Hana have already partnered with Naver and are exploring a three-way collaboration with Naver and Dunamu, the operator of Upbit, South Korea's largest cryptocurrency exchange. Woori, meanwhile, is strengthening its partnership with Samsung Wallet through its long-standing main banking relationship with Samsung Electronics.

In addition, financial groups are expanding their teams and conducting internal testing. KB Kookmin Bank has applied for 17 trademarks combining "KB" and "KRW," planning to provide a codename for its future won stablecoin. Shinhan Group is testing the use of stablecoins in delivery applications and seeking global expansion opportunities. Hana Group has established a digital asset task force, while Woori Group has invested in a 5% stake in digital asset custody company BDACS.