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Crypto

KB Financial completes verification of stablecoin payments and remittances from issuance

KB Financial Group has completed a technology verification covering the full process from payments and settlement to overseas remittances based on a won stablecoin. The group said it carried out the proof of concept with KG Inicis, Kaia and OpenAsset. The model linked stablecoin issuance, offline QR payments and merchant settlement. For remittances, it converted won stablecoins into dollar stablecoins and sent funds to a bank account in Vietnam, completing the process within 3 minutes.

Crypto

Hana Financial to invest 1 trillion won in Dunamu, targeting digital asset market

Hana Financial Group is making a strategic equity investment of about 1 trillion won in Dunamu, operator of South Korea\'s largest digital asset exchange Upbit. Hana Financial said Hana Bank will acquire a 6.55 percent stake for about 1.0033 trillion won from Kakao Investment, becoming Dunamu\'s fourth-largest shareholder. The two sides also signed an MOU to cooperate on blockchain-based remittances, a won stablecoin ecosystem, global business and digital asset wealth management services.

Crypto

Stablecoin land grab intensifies as banks and fintech form alliances

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.