Korean Won Stablecoin Alliances Accelerate Ahead of Legalization

Finance Firms, Big Tech and Exchanges Forge Partnerships

Hana Financial, Dunamu Test Overseas Remittances

Kakao, Toss Also Sign Separate MOUs With Circle

Alliances among financial companies, crypto exchanges and fintech firms are gaining shape in South Korea ahead of the legalization of won-denominated stablecoins. Cooperation is moving beyond preliminary talks to equity investments and acquisitions, payment and settlement tests, and integration into live services.

Hana Financial Group is discussing a won stablecoin ecosystem and a blockchain-based overseas remittance business with Dunamu, in which it acquired a stake in May, according to the financial industry on July 27. Hana Bank spent about 1 trillion won ($724 million) at the time to buy a 6.55% stake in Dunamu, becoming its fourth-largest shareholder. The two companies are pushing to build infrastructure spanning the issuance, circulation, use and redemption of won stablecoins using Dunamu's proprietary Giwa Chain. Hana Financial has also completed technical verification for an overseas remittance service using Giwa Chain.

Samsung Financial affiliates are also formalizing ties with Dunamu through direct equity investments. Samsung Securities, Samsung SDS and Samsung Card decided to acquire a combined 4% stake in Dunamu for 612.8 billion won ($444 million). Samsung Securities plans to expand tokenized securities issuance and distribution as well as virtual-asset services with Dunamu. Samsung Card is pursuing digital-asset payment support through Samsung Financial's integrated Monimo app and other channels once won stablecoins are introduced. Samsung SDS agreed to cooperate with Dunamu in blockchain technology and financial infrastructure.

Cooperation with global stablecoin companies is also expanding. Kakao Group, Toss and Toss Bank recently signed separate strategic business agreements with Circle, the issuer of USD Coin, or USDC, the world's second-largest dollar stablecoin. They agreed to pursue cooperation on payment and settlement infrastructure, including won stablecoins. Toss Bank had earlier teamed up with the Solana Foundation and began technical verification of stablecoin-based overseas remittance and settlement using the Solana blockchain.

Partnerships between securities firms and crypto exchanges are also moving from investment to business execution. Mirae Asset plans to rename Korbit, whose management control it recently acquired, as Digital X and build it into a core platform linking traditional finance and digital assets in a single investment ecosystem. As regulations are put in place, it plans to expand into stablecoins, real-world assets, tokenized securities and custody.

Korea Investment & Securities and Coinone have already produced a tangible result. After Korea Investment & Securities bought a stake in Coinone in May, the two companies on July 27 launched a linked service that lets users move directly from the Coinone app to Korea Investment's domestic stock trading service. The partnership connected customer touchpoints just over two months after the equity investment.

Park Si-on, Hankyung reporter ushire908@hankyung.com