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South Korea's largest bank, KB Kookmin, has filed 17 different stablecoin-focused trademark applications in parallel with efforts to create the legal basis for stablecoins indexed to local currencies in the country.
South Korea's Largest Bank KB Kookmin Files Trademark Applications for Stablecoin Consortium
The applications cover possible stablecoin symbols such as KBKRW, KRWKB, KBST, and KRWST.
According to data from the South Korea Intellectual Property Rights Information Service (KIPRIS), these applications were filed between Monday and Tuesday.
Product classifications include software for virtual/digital currencies and software that manages cryptocurrency transactions with blockchain technology.
Speaking to local media outlet Aju Economic News, KB Kookmin officials stated that these trademark applications are part of the bank’s efforts to establish a consortium for the stablecoin space.
Other major financial technology firms such as KakaoPay also filed trademark applications for stablecoin symbols in a similar manner last week.
According to a report by Economic Review, eight of the country’s leading banks, including KB Kookmin, Shinhan, Woori, Nonghyup, IBK, Suhyup, Citi Korea, and Standard Chartered Korea, are preparing to launch a joint venture to jointly issue a stablecoin pegged to the Korean won. These banks include four of the five largest banks in South Korea.
The new entity is expected to be established under a consortium structure in collaboration with organizations such as the Open Blockchain and Decentralized Identifier Association (OBDIA) and the Korea Financial Telecommunications and Clearing Institute (KFTC). The initiative is planned to go live in late 2025 or early 2026.
South Korea is on track to become one of Asia’s most innovative and fast-moving countries when it comes to stablecoins, and moves by KB Kookmin and other major banks suggest that the transformation in this space is now moving to the institutional level.
*This is not investment advice.