K Bank establishes Digital Asset Task Force… Reinforcing business centered on stablecoins

K Bank has established a dedicated organization to strengthen its digital asset business, focusing on Korean won stablecoins.

According to the financial industry on the 29th, K Bank recently launched the 'Digital Asset Task Force (TF)'. Composed of a select team of six members, this TF will develop stablecoin-based financial services, monitor related technology trends and regulatory flows, and formulate business strategies. Key personnel include experts from the Stablecoin Association, some of whom have previously participated in K Bank’s token securities (STO) business.

The TF's first achievement is the launch of its proprietary digital asset brand 'K-STABLE'. K Bank has also filed 12 related trademark applications, including the representative ticker 'KSTA'. The brand is set to be applied to services such as wallets, remittances, and payments in the future.

K Bank has utilized its partnership for real-name accounts with the domestic virtual asset (cryptocurrency) exchange Upbit to internally complete proof-of-concept (PoC) for blockchain-based staking and swap technologies. If institutionalization progresses in earnest, the plan is to drive a stablecoin business that covers all stages from issuance to distribution and payments, centered around the TF.

Additionally, K Bank is participating in the Japan-led overseas stablecoin remittance demonstration project "Pax Project". This project aims to build a digital remittance and payment system between banks in Korea and Japan, with a focus on testing the effectiveness of Korean won-based stablecoins.

K Bank is also considering whether Korean won stablecoins can be practically used for trade remittances. If stablecoins are used, remittance fees could be reduced and real-time transfers realized, improving the financial efficiency of import and export companies.