South Korea's stablecoin market is brewing changes: signs of a multi-party competitive landscape are emerging.

Recently, the South Korean stablecoin market has shown a vigorous development trend. With government policy support and the improvement of laws and regulations, multiple entities are actively laying out strategies, striving to seize opportunities in this emerging field.

Currently, the main participants in the South Korean stablecoin market include banking alliances, tech giants, and Web3 companies. Among them, an alliance composed of eight major commercial banks plans to establish a joint venture to issue a Korean won stablecoin. This initiative has received support from the Bank of Korea and is considered one of the most competitive participants.

Among the tech giants, payment sector giant Kakao Pay has been the most proactive. The company has launched its business layout for the Korean won stablecoin and has submitted multiple related trademark applications to the Korean Intellectual Property Office. Kakao Pay is expected to leverage its advantages in the payment and social fields to provide a wide range of application scenarios for stablecoins.

At the same time, the blockchain public chain Kaia also announced the comprehensive promotion of the issuance of the Korean won stablecoin. Kaia is formed by the merger of Klaytn and Finschia, and has a large user base, expected to achieve integrated circulation of "on-chain + social + payment."

The established payment service provider Danal has also restarted its digital currency business and submitted multiple patent applications supporting virtual asset payments. With its years of accumulated POS terminal network and payment clearing system, Danal has a natural advantage in the stablecoin business process.

In addition, the blockchain startup Nexus has issued a Korean won stablecoin named KRWx on the BNB Chain and plans to launch more fiat-backed stablecoins. The company also plans to establish a subsidiary in Hong Kong to promote the internationalization of stablecoins.

Samsung SDS and LG CNS, as IT solution providers, are also seen as potential participants and beneficiaries in the stablecoin market. Both companies have extensive experience in enterprise-level blockchain solutions and digital currency management, and are expected to occupy an important position in the stablecoin infrastructure field through technology output.

With the advancement of the Digital Assets Basic Law, South Korea's stablecoin market is expected to experience explosive growth from the second half of 2025 to the first half of 2026. Various participants are actively positioning themselves, preparing for the upcoming market opportunities. In the future, the competitive landscape of South Korea's stablecoin market will become clearer, and it will be worth keeping an eye on who can stand out in this competition.