"Eight Card Companies Pursue Joint Trademark Application for KRW Stablecoin"

Minseung Kang

Summary

Eight domestic card companies announced they are preparing to file a joint trademark application for 'CARD KRW' in order to introduce a KRW stablecoin.
This trademark application is described as a proactive response, considering the possibility that card companies might jointly issue a KRW stablecoin in the future.
The card industry plans to inform financial authorities of its opinion that stablecoin-related activities should be included as concurrent or ancillary business.

It has been confirmed that domestic card companies are seeking to secure a trademark in anticipation of issuing a Korean won (KRW) stablecoin.

According to the financial industry on the 29th, the Korea Financial Services Association and eight major card companies—Shinhan Card, Hyundai Card, Samsung Card, KB Kookmin Card, Lotte Card, Woori Card, Hana Card, and BC Card—are preparing to jointly apply for the trademark of the stablecoin "CARD KRW" (tentative name). This application, led by the association, is a proactive response considering the possibility that the card industry may jointly issue a KRW stablecoin in the future.

The KRW stablecoin to be issued by the card companies is expected to function similarly to a check card. Instead of using cash held in an account, users would use the stablecoin for payments. The task force (TF) is reportedly also discussing a plan to allow the purchase of the stablecoin using credit cards.

Meanwhile, the card industry plans to submit its opinion to the financial authorities, requesting that future stablecoin-related activities be permitted as concurrent or ancillary business.