The largest banking institution in South Korea, KB Kookmin Bank, has filed 17 requests for brands related to stablescoins, an evolution towards the creation of a national stablecoin consortium supported by the country’s main financial institutions.
The file submitted earlier this week to Information Services on the Rights of Intellectual Property of Korea includes proposed tickle symbols such as KBKRW, KRWKB, KBST and KRWST.
Trade brands cover product classifications involving software for the use of virtual currencies and the management of cryptocurrency transactions based on blockchain.
A KB Kookmin spokesperson confirmed to the premises media that deposits represent a proactive effort to secure identifiers of digital money, because the bank works alongside other financial institutions to establish a consortium aimed at launching Korean staboins.
According to a report, KB is one of the eight main South Korean banks preparing to form a joint venture dedicated to the issue of Stablecoins.
Participating banks include:
- KB Kookmin Bank
- Shinhan Bank
- Woori bank
- Nonghyup Bank
- Korean industrial bank (IBK)
- Suhyup Bank
- Citi Korea
- Korea with standard charter
These institutions would have coordinated efforts with the Open Blockchain and Decentralized Association (OBDIA) and Financial Telecommunications and Clearings Institute (KFTC) – a non -profit organization responsible for the South Korea interbank payment infrastructure.
The planned launch date of the consortium ended in 2025 or early 2026, in accordance with the continuous legislative initiatives of Korea in Korea in South Korea.
The recent increase in activity follows political signals from the newly elected president of the country, Lee Jae Myung, who is committed to promoting and approving Stablecoin’s initiatives in collaboration with the private sector.
At the beginning of the month, the legislator Min Byeong-Deok presented a bill to accelerate the approval of the Korean Stablecoins based on WON. In one of the media conversations, Min focused on the importance of allowing private entities to publish stalins that could be actively used by various industries, including game, electronic commerce and content creation.
While the traditional banking industry plays a crucial role, South Korea seems to position itself as a regional leader in regulated innovation in digital currency. While the stable reserve ecosystem continues to evolve.
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