The four major financial groups in South Korea are competing to collaborate with tech giants to layout the stablecoin market.

According to Mars Finance, the Korea Times reported that South Korea's four major financial holding companies KB, Shinhan, Hana, and Woori are competing to establish partnerships with large tech companies such as Naver, Kakao, and Samsung Electronics to gain an advantage in the rapidly rising stablecoin market. The domestic stablecoin trading volume in South Korea has exceeded 60 trillion won (approximately 41.15 billion USD). Financial regulators are preparing to submit a stablecoin regulatory bill to the National Assembly by the end of 2025. Banks are seen as the primary issuance choice for won-pegged stablecoins.