Kyobo Life Insurance joins Circle blockchain testnet…"the only one in the country"

Kyobo Life Insurance has teamed up with global stablecoin issuer Circle to conduct blockchain experiments. The financial sector is paying attention to the possibility that this cooperation could lead to Kyobo Life's issuance of Korean won stablecoins and expansion into distribution and payment businesses.

On the 29th, according to the financial sector, Kyobo Life Insurance participated as an official partner in Circle's blockchain 'Arc' testnet. Arc is a blockchain developed by Circle that supports payments, foreign exchange, and capital market transactions centered on stablecoins. Among global financial institutions, Goldman Sachs, BlackRock, HSBC, and Standard Chartered are participating, and Kyobo Life is the only domestic company.

Kyobo Life has consistently shown interest in stablecoins and the Web3 field. In August, it joined the stablecoin ecosystem division under the Open Blockchain·DID Association (OBDIA), and in the same month Kyobo Life Group Chairman Shin Chang-jae personally attended the 'WebX' event held in Osaka, Japan, to review global stablecoin trends.

The Arc testnet also includes Japan's SBI Group, which has maintained a close cooperative relationship with Kyobo Life. SBI Holdings has established a joint venture with Circle to build USDC issuance and payment infrastructure in Japan. Accordingly, the industry expects Kyobo Life to experiment with virtual asset-based financial services by linking stablecoins with existing financial businesses such as insurance, securities, and savings banks.