Korean Banks Team up With Tech Giants to Issue Stablecoins

Highlights:

• South Korea’s top banks are working with Naver, Kakao, and Samsung to create stablecoins and make digital payments easier.
• Stablecoin trading in the country has already passed 60 trillion won ($41.15 billion) even without clear laws.
• Regulators plan to introduce the first stablecoin bill by late 2025, which will ban earning interest and set clear rules.

South Korea’s top banks and tech companies are working together to take an early lead in the growing stablecoin market. KB, Shinhan, Hana, and Woori Financial Groups are partnering with Naver, Kakao, and Samsung Electronics to build the technology needed for stablecoins and make digital payments simple and secure for users. This push comes as stablecoin transactions in South Korea have already surpassed 60 trillion won ($41.15 billion), even without clear legal rules.

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🇰🇷 KOREA MAKING MOVES!!!

South Korea’s biggest banks are teaming up with tech giants to dominate the stablecoin market.

Domestic stablecoin trading volume in SK already tops $41B.

A whole new wave of adoption is coming!!! 🔥 pic.twitter.com/h6dq2tVrUE

— Kyle Chassé / DD🐸 (@Kylechasse) November 10, 2025

Collaboration Accelerates Stablecoin Development Across South Korea

An industry official said that in this situation, banks need to work with big tech companies because developing the technology alone would take too long. The official added that tech giants already have strong platforms, which allow users to use stablecoins effectively once they launch.

South Korea’s top four financial groups are taking different paths in the stablecoin market. KB, Shinhan, and Hana Financial Groups have teamed up with Naver. They are creating new fintech products together and are also looking at possible partnerships with Dunamu, which runs Upbit, the country’s biggest crypto exchange. There are also ongoing discussions about a potential merger between Naver and Dunamu. 

Woori Bank focuses on Samsung Wallet Money and Points, which links directly to the Galaxy ecosystem. This setup gives Samsung a special position, allowing it to issue and manage stablecoins on a large scale.

Stablecoin Plans Gain Momentum in South Korea

Currently, discussions about stablecoins pegged to the Korean won are mostly happening within major banks, which could become the main issuers. Banks have not yet decided whether they will launch these digital currencies individually or together as a group. Fintech companies are supporting the process by providing technical expertise. Woori Financial Group also owns 5% of BDACS, a digital asset custody firm that successfully launched the KRW1 stablecoin on September 17. 

South Korea is also finalizing a law to regulate stablecoins. Financial Services Commission (FSC) Chairman Lee Eog-weon said on Monday that they plan to send the bill to the National Assembly before the end of 2025.

During the National Assembly’s yearly audit, Lee pointed out that stablecoins linked to the Korean won are still not fully legalized. This leaves South Korea behind other Asian countries in setting rules for these digital currencies. “A bill to regulate stablecoins is in its final review with the related ministries and is expected to be submitted to the National Assembly this year,” Lee said. The FSC chief said they are checking every detail with the ministries. He also said the authorities are still planning the rules and must put strong protections in place.

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