How Samsung, Kakao, and Naver Are Powering Korea’s Stablecoin Push

Core Insights - South Korea's banks are collaborating with major tech firms like Samsung, Kakao, and Naver to launch the first regulated won-backed stablecoins, aiming to lead in Asia's stablecoin market [1][2] - The Financial Services Commission (FSC) plans to introduce a comprehensive stablecoin bill to the National Assembly by the end of 2025, which would legalize won-backed stablecoins and allow banks to issue them with private partners [3][4] - The stablecoin bill will consolidate six existing parliamentary proposals into a unified framework, promoting regulated stablecoins as part of a broader agenda to enhance Korea's crypto competitiveness [4] Industry Developments - Major South Korean banks, including KB, Shinhan, Hana, and Woori, are forming partnerships with tech giants to prepare for upcoming stablecoin regulations [2][6] - KB Kookmin Bank has filed over 17 trademarks for a "KB KRW" stablecoin and established a dedicated division for stablecoin development [5] - Shinhan Financial Group is testing a won-backed coin on its delivery app and exploring international payments through its subsidiaries in Japan and Vietnam [7] - Hana Financial Group has initiated a Digital Asset Task Force to coordinate efforts across its affiliates [7] - Woori Financial Group is collaborating with Samsung Electronics on the Samsung Wallet, integrating its banking services into the platform [7]