The five largest commercial bank groups in South Korea and several fintech companies are accelerating efforts to form alliances and explore cooperation as the timeline for legislation related to KRW stablecoins remains unclear. According to Yonhap News Agency, on June 1, Shinhan Financial Group, Korea’s IBK Industrial Bank, and five local banks held an alliance exploration meeting, and the originally planned memorandum of understanding (MOU) signing ceremony was adjusted into an exploratory meeting format.
Main Alliance Landscape: Confirmed Pairings and Ongoing Developments
According to Yonhap’s report on June 3, the main cooperation frameworks that have come to light so far are as follows:
KB Financial Group + Toss + Bithumb: KB Kookmin Bank plans to lead the issuance of KRW stablecoins, while Toss will handle distribution; Bithumb, which holds KB Kookmin Bank’s deposit withdrawal account, is also involved
Hana Financial Group + Dunamu (Upbit) + Naver: Hana Financial Group is acquiring shares in Dunamu, aiming to build an integrated ecosystem covering foreign-exchange trading (Hana Bank), virtual-asset exchanges (Upbit), and payment and shopping infrastructure (Naver Pay and Naver Shopping)
Shinhan Financial Group + Samsung Financial Group: Shinhan Financial Group is exploring cooperation with Samsung Financial Group; Samsung Securities and Samsung Credit Card have also recently completed their acquisition of Dunamu shares
Kakao + Woori Financial Group / NH NongHyup Financial Group: Kakao is actively approaching Woori Bank and NH NongHyup Bank to seek banking partner
Bank of Korea “Han River Plan”: Large-scale deposit token pilot in the second half of 2026
The Bank of Korea is pushing final preparations with commercial banks and merchants. The large-scale, irregular, on-the-ground deposit token transaction test under the “Han River Plan” is expected to begin in the second half of 2026.
Shin Hyun-sun (Bank of Korea governor) publicly said at an international conference policy discussion on June 1: “Stablecoins denominated in euros account for less than 0.3% of the total market capitalization in the global stablecoin market.” The industry has interpreted the remark as an indirect challenge to the practical usefulness of the KRW stablecoin market.
Legislative Status: MOUs Have No Legal Binding Force, and the Picture Keeps Shifting
The legislative timeline for KRW stablecoins in the National Assembly remains unclear. At this stage, both the alliances formed by the industry and the MOUs being discussed do not have legal binding force. A commercial bank official, in an interview with Yonhap, said: “It’s hard to predict when the stablecoin bill will be passed, but calls for building alliances in advance are rising. Even if MOUs are signed, they are not legally binding, so the industry landscape will continue to change.”
The merger review involving Dunamu and Naver is currently under review by the Korea Fair Trade Commission. Discussions in the press have reported that some industry competitors have raised objections, but as of the time of the report, no formal action has been confirmed. Reports within the industry have also circulated about discussions of e-commerce platform Coupang entering the KRW stablecoin market, and as of the time of the report Coupang had not issued any official statement.
FAQ
What is a KRW stablecoin, and why is South Korea’s banking industry actively planning?
A KRW stablecoin is a cryptocurrency pegged to the KRW exchange rate, intended to provide digital payment and settlement functions denominated in KRW. The banking industry’s active planning stems from expectations in the legislative framework of a system design oriented toward “bank-led issuance,” as well as business motives for banks to secure a first-mover position in digital-asset infrastructure.
What are the core differences between the Bank of Korea’s “Han River Plan” and bank-led KRW stablecoins?
The “Han River Plan” is a deposit token pilot led by the Bank of Korea, based on commercial bank deposits, and is a system arrangement under central bank supervision. Bank-led KRW stablecoins, by contrast, are issued independently by each bank. The two differ in the issuing entity, risk structure, and regulatory basis. The Bank of Korea governor’s recent public statements indicate a cautious stance by the central bank toward the market positioning of privately issued KRW stablecoins.
What is the current regulatory review status of the merger between Dunamu and Naver?
As of June 3, 2026, the merger between Dunamu and Naver is under review by the Korea Fair Trade Commission, and the review results have not yet been published. Hana Financial Group announced its acquisition of Dunamu shares on May 15. Samsung Securities and Samsung Card have also completed their acquisition of Dunamu shares.
