Major South Korean Banks Accelerate Stablecoin Issuance Plan, Set to Meet Circle CEO.
The four leading commercial banks in South Korea – including KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank – are accelerating preparations to issue stablecoins and are expected to have an important meeting this month with Heath Tarbert, CEO of Circle, the issuer of USDC.
According to South Korean media, the discussion will revolve around expanding the circulation of USD-pegged stablecoins in the South Korean market, promoting international money transfers, and the possibility of collaborating to issue a stablecoin pegged to the South Korean won.
Notably, KB Financial Group has officially upgraded its "stablecoin division" from an experimental research group to a permanent organization, indicating a long-term focus on digital assets. Shinhan Bank is also deploying a payment system based on a won-pegged stablecoin, while Hana Financial Group is conducting a comprehensive analysis of related models. Woori Bank has established a dedicated digital asset team and begun filing trademark registrations related to stablecoins.
This trend reflects a strong shift in the global financial industry after many countries, especially the United States, have increased control over cryptocurrencies. As early as the beginning of 2025, after Donald Trump takes office as the US President, the new administration will have taken steps to promote a clearer legal environment for stablecoins, paving the way for an explosion of international cooperation in this field.
The simultaneous entry of the four "major" South Korean banks shows their ambition to make stablecoins a payment and cross-border transfer tool, gradually replacing traditional, costly, and slow processes. This could also be a stepping stone for South Korea to become a digital asset development center in Asia, directly competing with Singapore and Japan.
