Why are Korean banks investing heavily in stablecoins right now?

South Korean banks are moving early because regulators are still finalising rules for won-backed stablecoins and digital payments. Financial groups want to secure positions in exchanges, wallets, remittance systems and payment networks before the market structure becomes fixed.

Why is Hana Financial Group buying a stake in Dunamu and Upbit?

Hana Financial Group plans to buy a 6.55% stake in Dunamu, which operates Upbit. The deal gives Hana exposure to Upbit’s 13.26 million users and access to blockchain infrastructure through Dunamu’s Giwa Chain.

What does Hana Financial Group want to achieve with stablecoins?

Hana Chairman Ham Young-joo said the bank wants to become “an architect of the market” rather than a passive participant. The strategy focuses on building infrastructure across issuance, payments, distribution and circulation of digital assets.

Why are Korean banks worried about stablecoins?

Banks fear stablecoins could pull deposits and payment activity away from traditional banking systems into fintech apps, exchanges and digital wallets. If crypto-native firms dominate the sector, banks risk losing influence over payments and settlement infrastructure.

How are KB Financial Group and Shinhan Financial Group approaching stablecoins?

KB Financial Group tested won stablecoin payments and overseas remittances that reportedly cut fees by about 87% and reduced transfer times to under three minutes. Shinhan Financial Group is focusing on payment networks through partnerships with Visa, Mastercard and the Solana Foundation.

Why are stablecoins important for cross-border payments?

Stablecoins can move money faster and potentially cheaper than traditional banking systems because transactions settle directly on blockchain infrastructure. Korean banks see remittances and international payments as one of the clearest commercial use cases for won-backed stablecoins.

How could stablecoin rules change the Korean banking sector?

If lawmakers approve stablecoin frameworks, banks may need to compete directly with crypto exchanges, fintech apps and technology firms for digital payment flows. The rules could reshape how consumers store money, send payments and use financial services online.

What is Giwa Chain and why does it matter?

Giwa Chain is blockchain infrastructure linked to Dunamu that could support on-chain payments and settlement systems. For Hana, access to the network may provide a foundation for future stablecoin-based financial services.

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Korean banks race for stablecoin market control

Written by Heidi Cuthbert Published May. 25 2026Last Updated May. 26 2026

Hana Financial Group is leading a wave of Korean banking investment into stablecoins and digital assets as financial groups race to secure their role in future blockchain-based payments.

Hana plans to acquire a 6.55% stake in Dunamu, operator of crypto exchange Upbit, in a deal valued at about 1 trillion won ($662 million).

The investment gives Hana exposure to Upbit’s reported 13.26 million cumulative users and access to Dunamu’s Giwa Chain infrastructure for blockchain-based payments, transfers and settlement systems.

“I believe new growth opportunities can be found in stablecoins,”

Said Ham Young-joo during an earnings conference call in January.

South Korean financial groups are positioning aggressively before lawmakers finalise rules governing won-backed stablecoins, digital wallets, exchanges and payment infrastructure.

KB Financial Group recently tested won stablecoin payments and overseas remittances that reportedly reduced transfer times to under three minutes and lowered fees by about 87%, while Shinhan Financial Group has trialled stablecoin payment systems with Visa, Mastercard and the Solana Foundation.

Industry analysts said Korean banks are moving early to prevent deposits and payment activity from shifting toward fintech firms, crypto exchanges and big technology platforms once stablecoin regulations are introduced.

At the time of reporting, Solana price was $85.06.