Partnerships among banks, fintechs, platforms and blockchain firms around won-denominated stablecoins are accelerating in the second half, with payment and settlement use cases moving into more concrete pilot tests. Companies are running proofs of concept on real-time settlement, on-chain payment flows and links between digital wallets and existing card networks. Cross-border remittances are also emerging as a key testing area. Debate continues over regulation, including issuers, reserve assets and approval requirements.

Viva Republica, operator of South Korean finance app Toss, is partnering with Kyobo Life Insurance to explore ways to apply digital assets to financial services such as insurance. Toss said it signed a memorandum of understanding on Aug. 7 to cooperate on building a digital-asset ecosystem and services. The two plan to pursue a proof of concept, share information to set standards compliant with regulations and assess areas where digital assets could be used in practice.