4th August 2025 – (Seoul) South Korean banks are rapidly developing strategies to engage with the cryptocurrency and stablecoin markets, with several major lenders preparing to make their entry into this burgeoning sector. According to the South Korean newspaper Maeil Kyungjae, banks are establishing dedicated teams and gearing up for the impending legislation that will allow them to issue and manage stablecoins. The publication stated:
“As discussions on the legalisation of stablecoins intensify, the banking sector is taking proactive steps.”
It noted that financial institutions are forming internal units and consortia to expedite their entry into the crypto landscape.
Prominent banks like Shinhan and Woori began outlining plans for crypto-related operations as early as 2018-2019. However, these initiatives were put on hold after the government, under former president Moon Jae-in, imposed a ban on initial coin offerings, effectively sidelining the crypto industry.
Since his election in June, President Lee Jae-myung has shown strong support for cryptocurrencies, prompting lawmakers to prepare legislative responses. A series of pro-industry reforms are currently under consideration by various National Assembly committees, and banks are quick to react to this political shift.
Woori Bank has established a specialised Digital Asset Team tasked with overseeing “various digital asset-related businesses, including stablecoins” and digital wallets. This nine-member team operates within Woori’s New Business Alliance Platform Department. Additionally, Woori has entered a business agreement with a blockchain startup to revive its crypto custody plans and is forming a stablecoin consortium with various unnamed companies, as reported by Maeil Kyungjae.
Kookmin Bank (KB) has also stepped up its efforts, launching a Digital Asset Response Council in June. This initiative aims to develop a systematic approach that encompasses its various affiliates within the KB Financial Group. The council has crafted numerous rapid response scenarios in anticipation of potential policy changes and is exploring collaboration opportunities with external partners, including insurance firms, credit card companies, securities firms, and asset management firms.
KEB Hana Bank has created a crypto working group that includes representatives from its affiliates, focusing on issues related to won-pegged stablecoins and the necessary infrastructure for upcoming projects. Similar to Woori, KEB Hana is pursuing a joint venture in crypto custody and is targeting the global market.
Shinhan Bank has formed a crypto task force comprising around 20 employees. Additionally, banks are actively applying for numerous crypto and stablecoin-related trademarks; for instance, KB has filed for 32 trademarks related to won-pegged stablecoins and 49 for foreign currency stablecoins.
Other banks, including K Bank, which partners with Upbit, have initiated digital asset task forces, while regional institutions like Busan Bank are exploring all facets of blockchain technology.
