South Korean Banks Unite on Won-Backed Stablecoin Initiative

Eight South Korean commercial banks have come together to establish a won-backed stablecoin.

Their announcement, on  25 June 2025, marks the first time that commercial banks in South Korea have formed a consortium to collectively enter the digital asset business. The banks have entered this collaboration in partnership with the Open Blockchain and Decentralised Identifier Association (OBDIA) and the Korea Financial Telecommunications and Clearings Institute (KFTC).

Citi Korea, KB Kookmin, Shinhan, Woori, Nonghyup, Industrial Bank of Korea, Suhyup and Standard Chartered Korea announced their consortium after the South Korean central bank advocated for a phased rollout of a won-backed stablecoin.

KB Kookmin filed 17 trademark applications for the won-backed stablecoin with Korea’s Intellectual Property Rights Information Services. The filing also includes ticker symbols such as KBKRW, KRWKB, KBST and KRWST.

Furthermore, the trademark also covers product categories related to software for virtual currency applications and managing blockchain-based cryptocurrency transactions.

KB Kookmin Bank files trademarks for KRW stablecoin — big step for Korean digital assets

South Korea’s largest bank just filed 17 trademarks linked to a future Korean won–backed stablecoin — names like KBKRW, KRWKB, KBST, KRWST, and more.

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