Korean financial conglomerates are forming stablecoin consortiums ahead of regulatory framework approval, while the Bank of Korea (BOK) proposes an alternative 'deposit token' system. Kakao group entities including KakaoTalk, Kakao Bank, and Kakao Pay established a joint task force for won-pegged stablecoin development, with Woori Financial and NH Nonghyup Financial reviewing cooperation plans. In May, Hana Bank acquired a 6.55% stake in Dunamu for 1.0033 trillion won, becoming the fourth-largest shareholder. The positioning battle intensifies as stablecoins serve as settlement currency for on-chain tokenized asset trading, where immediate 24-hour settlement advantages disappear if payment flows through traditional bank accounts. BOK Governor Shin Hyun-song presented a 'Unified Ledger' framework at the European Central Bank forum on the 1st (local time), advocating for wholesale central bank digital currency, commercial bank deposit tokens, and tokenized assets as the future monetary system blueprint.
Kakao and Naver Groups Form Stablecoin Consortiums with Major Financial Partners
The Kakao group formed a joint task force comprising KakaoTalk, Kakao Bank, and Kakao Pay to prepare won-pegged stablecoin-related businesses. Woori Financial and NH Nonghyup Financial are reviewing cooperation plans with Kakao.
In the Naver camp, Hana Bank acquired a 6.55% stake in Dunamu for 1.0033 trillion won in May, becoming the fourth-largest shareholder. Meritz Securities researcher Jo Ah-hae stated, "Hana Financial will build the entire value chain of the stablecoin market through cooperation with Dunamu," projecting a structure where Hana Bank handles stablecoin issuance and custody, Dunamu manages distribution and trading networks, Hana Securities offers RWA financial products using stablecoins, and Hana Card covers payment and lifestyle finance.
Financial institutions are moving quickly to form consortiums before related regulations are introduced because securing distribution networks is critical for stablecoin market dominance. The global stablecoin market currently sees Tether (USDT) and Circle (USDC) occupying over 90% market share. Numerous late entrants launched dollar-pegged coins but failed to penetrate the distribution networks established by leading companies across exchanges, personal wallets, payment systems, and bank accounts.
OpenUSD Consortium Attracts 140+ Global Companies with Profit-Sharing Model
The OpenUSD (OUSD) consortium, involving approximately 140 global companies including Visa, Mastercard, Stripe, and Coinbase, is gaining attention as an alternative to disrupt the entrenched market structure. Samsung Electronics, Dunamu, and Shinhan Financial are discussing participation.
OUSD diverges from existing Tether and Circle in its profit utilization approach. Traditional issuers monopolized interest income earned by investing user-deposited dollars in US Treasuries. OUSD eliminates issuance and redemption fees and shares deposit operating profits with consortium member companies. For companies, supporting OUSD payments creates new revenue streams while enabling a virtuous cycle of simultaneous growth in payment networks and deposits as the ecosystem expands.
Bank of Korea Proposes Deposit Token System as Stablecoin Alternative
While the global market expands under private-sector leadership, South Korea has not yet established even the regulatory outline. As market speculation circulates about issuance entities, the Bank of Korea proposes 'deposit tokens' issued by banks as an alternative to private stablecoins.
BOK Governor Shin Hyun-song presented a 'Unified Ledger' composed of wholesale central bank digital currency (CBDC), commercial bank deposit tokens, and tokenized assets as the blueprint for the future monetary system at the European Central Bank forum on the 1st (local time). He argued for applying new technologies like blockchain while preserving the trust framework flowing from central banks to commercial banks.
Regarding private stablecoins, Governor Shin reaffirmed his negative stance, stating, "The weakness is that the same 1 won does not always function as the same 1 won." Before becoming BOK Governor, Shin published a paper during his tenure at the Bank for International Settlements (BIS) arguing that blockchain-based stablecoins cannot satisfy 'singleness,' a core element of currency.
Market critics argue this concept diverges from global trends. The real-world asset tokenization (RWA) and virtual asset ecosystem already extends across global public blockchains like Ethereum and individual national ledgers, making it difficult to confine this fragmented ecosystem within a BOK-led unified ledger.
Security and structural vulnerability concerns are particularly significant. Dave Shin, COO of KRWQ, emphasized, "The unified ledger presupposes complete API openness and interconnection between banks. A structure heavily dependent on a central system inevitably exposes far greater security vulnerabilities than decentralized networks where multiple stablecoin issuers operate independently across multiple chains."
FAQ
What stablecoin consortiums are Korean financial groups forming?
Kakao group entities including KakaoTalk, Kakao Bank, and Kakao Pay formed a joint task force for won-pegged stablecoin development, with Woori Financial and NH Nonghyup Financial reviewing cooperation with Kakao. Hana Bank acquired a 6.55% stake in Dunamu for 1.0033 trillion won in May, becoming the fourth-largest shareholder, positioning for collaboration across stablecoin issuance, custody, distribution, and payment services.
How does OpenUSD differ from Tether and Circle?
OpenUSD eliminates issuance and redemption fees and shares deposit operating profits with consortium member companies, unlike Tether and Circle which monopolize interest income from investing user deposits in US Treasuries. The OUSD consortium includes approximately 140 global companies such as Visa, Mastercard, Stripe, and Coinbase, with Samsung Electronics, Dunamu, and Shinhan Financial discussing participation.
What is the Bank of Korea's deposit token proposal?
BOK Governor Shin Hyun-song presented a 'Unified Ledger' system at the ECB forum on the 1st (local time), composed of wholesale central bank digital currency, commercial bank deposit tokens, and tokenized assets. Shin criticized private stablecoins for lacking 'singleness,' stating the same 1 won does not always function as the same 1 won, while market critics argue the centralized unified ledger structure creates greater security vulnerabilities than decentralized multi-chain stablecoin networks.
