South Korea banks prepare for national stablecoin rollout
South Korea’s top financial institutions are rapidly mobilizing to seize opportunities in the crypto and stablecoin sectors, anticipating favorable legislative reforms.
Leading banks such as Shinhan, Woori, KB Kookmin, and KEB Hana have established dedicated digital asset teams to explore services including crypto custody, stablecoin issuance, digital wallets, and blockchain infrastructure, reports Cryptopolitan.
Among these, Woori Bank has reactivated older crypto initiatives and is forming a consortium to actively enter the stablecoin space, targeting partnerships with blockchain startups. Simultaneously, KB Kookmin Bank launched a Digital Asset Response Council to coordinate crypto strategy across its group subsidiaries, from insurance to securities. These moves signify the sector’s readiness to deploy full-scale digital asset services once legal clarity emerges.
Pro-crypto political leadership sparks financial sector overhaul
The accelerating activity follows a shift in national sentiment under President Lee Jae-myung, who assumed office in 2025 with a pro-digital finance agenda. Unlike the prior Moon Jae-in administration, which cracked down on ICOs and imposed strict rules, Lee’s government has promised clear legal infrastructure for digital assets, including stablecoins and crypto exchanges operated by traditional banks.
These changes have reignited interest from major lenders, who see an opportunity to regain first-mover advantage. Lawmakers are currently reviewing legislation that could be enacted within months, creating a formal regulatory framework for custody services, stablecoin issuance, and blockchain partnerships. Industry insiders believe early preparation is key, as rollout of financial services will depend on being first to market once laws take effect.
Banks move to protect IP and claim digital finance territory
In preparation, banks are securing intellectual property and testing infrastructure to establish competitive moats. KB Kookmin Bank has filed over 80 trademark applications for stablecoins pegged to the Korean won and foreign currencies, reflecting its ambitions for cross-border digital finance. Shinhan Bank created a 20-member crypto task force to explore service implementation and risk assessment. Meanwhile, K Bank and Busan Bank have established dedicated blockchain and digital asset teams, despite their regional status, aiming to participate in upcoming opportunities. These strategic investments suggest that South Korea’s banking sector is on the cusp of massive digital transformation, driven by both policy support and market readiness. Institutions are not only preparing for compliance—but positioning themselves to lead in Asia’s next wave of regulated crypto finance.
Recently we wrote that Bank of Korea (BOK) Deputy Governor Ryoo Sangdai emphasized that commercial banks should be the primary issuers of won-based stablecoins in South Korea, at least in the initial stages.
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