A major shift is underway in South Korea's payment landscape, as fintech and credit card companies race to build stablecoin-based infrastructure.
The primary driver behind this rush is the undeniable global trend. Stablecoins are no longer a niche concept; they are becoming the new 'rails' for global finance. Giants like Visa and Stripe are already using them to settle transactions, proving their efficiency and scalability. Data from Chainalysis underscores this momentum, projecting that stablecoins will handle $28 trillion in real-world transactions in 2025. This figure is over 37 times larger than South Korea's entire annual card payment volume, creating immense pressure for local players to adapt or be left behind.
In response, Korean companies are moving aggressively. First, the fintech giants are positioning themselves. Kakao Bank has publicly stated its intent to apply for a won-stablecoin license the moment it becomes legally possible, aiming to leverage its massive KakaoTalk user base. Toss has unveiled its 'Money 3.0' strategy and partnered with the national mint (KOMSCO) to build a trusted blockchain payment system.
Second, traditional card companies are not standing still. Shinhan Card has partnered with the high-speed blockchain Solana to run advanced Proof-of-Concept (PoC) tests for real-world merchant payments. Similarly, KB Kookmin Card is working with Avalanche to develop a hybrid model that combines the familiar user experience of a credit card with the speed and cost benefits of on-chain settlement.
Interestingly, this flurry of activity is happening in a legal gray area. South Korea's comprehensive Digital Asset Basic Act (DABA), which will govern stablecoins, is still being debated and has been delayed. However, this regulatory vacuum is paradoxically fueling the race. With clear frameworks like the EU's MiCA providing a global compliance blueprint, companies are confident about the regulatory direction. They are using this pre-legislation period to build their technology and forge partnerships, ensuring they are ready to capture market share on day one. This is a strategic battle to define the future of payments in Korea.
- Stablecoin: A type of cryptocurrency whose value is pegged to another asset, like the U.S. dollar or the Korean won, to maintain a stable price.
- Proof-of-Concept (PoC): A small-scale test or trial project conducted to verify that a concept or theory has the potential for real-world application.
- Digital Asset Basic Act (DABA): Proposed comprehensive legislation in South Korea designed to regulate the digital asset market, including rules for issuing and managing stablecoins.