South Korea\'s finance and fintech sectors are stepping up competition to pre-empt the stablecoin market even as legislation remains stalled in parliament. Banks are moving to secure issuance rights through consortia and technology partners, while fintech firms and exchanges focus on controlling mainnets and payment networks. Global players are also positioning in networks and settlement infrastructure. The article says the battle for won and dollar stablecoin leadership is already under way.

Dunamu, operator of Upbit, and rival Bithumb held annual shareholder meetings on Monday and formalised plans to pursue initial public offerings. Dunamu said it would push ahead with an IPO as soon as its merger with Naver Financial is completed, while Bithumb said it would strengthen internal controls through 2027 before seeking a listing. Bithumb shareholders also raised issues including a recent bitcoin mispayment and a Financial Intelligence Unit fine.