South Korea's four major financial groups compete to partner with tech giants to enter the stablecoin market

ChainCatcher News, according to the Korea Times, South Korea's four major financial holding companies—KB, Shinhan, Hana, and Woori—are competing to establish partnerships with major tech companies such as Naver, Kakao, and Samsung Electronics in order to gain an advantage in the rapidly emerging stablecoin market.

The domestic stablecoin trading volume in South Korea has already exceeded 60 trillion won (approximately $41.15 billions). Financial regulators are preparing to submit a stablecoin regulatory bill to the National Assembly by the end of 2025. Banks are considered the primary issuers of won-pegged stablecoins.