- Stablecoin: A type of cryptocurrency that is linked to a stable asset, in this case, the Korean won, to reduce price volatility..
- Elections: In May 2025, South Korea elected Lee Jae Myung as president. He openly supports cryptocurrency and blockchain innovation..
- Crypto in Korea: Over 11 million Koreans, nearly 20% of the population, are invested in cryptocurrency, making Korea one of the most active crypto markets in the world..
- Regulatory Push: President Lee’s administration is working to build clear rules for crypto, including fast-tracking approval for Korean won–backed stablecoins..
South Korea’s biggest bank, KB Kookmin, has applied for trademarks connected to stablecoins. This supports the country’s current plans to create clear laws for digital coins linked to the Korean won.
According to Korea’s trademark office (KIPRIS), KB filed 17 trademark requests on Monday and Tuesday. The names include things like KBKRW, KRWKB, KBST, and KRWST.
These trademarks cover software for digital currencies and for handling crypto transactions using blockchain technology.
South Korea’s Top Banks Are Cooking Up a Bold New Stablecoin Program
A report in local media revealed that eight major banks in South Korea are preparing to start a joint company to create a stablecoin linked to the Korean won. These banks include KB Kookmin, Shinhan, Woori, Nonghyup, IBK, Suhyup, Citi Korea, and Standard Chartered Korea, four of which are among the five biggest banks in the country.
The banks plan to form a group with help from two local partners: the Open Blockchain and Decentralized Identifier Association (OBDIA), which supports blockchain technology, and the Korea Financial Telecommunications and Clearings Institute (KFTC), which runs the national banking payment system.
Stablecoins tied to the Korean won are becoming more important in South Korea. The country’s new president, Lee Jae Myung, has promised to support and approve these stablecoins by working with private companies.
Earlier this month, lawmaker Min Byeong-deok suggested a new law to speed up the approval process for Korean won stablecoins. This is part of President Lee’s bigger plan to support cryptocurrency growth.