A draft of South Korea’s Digital Asset Basic Act, expected in November 2026, is set to propose that bank-led consortia issue won-denominated stablecoins, according to Odaily, citing ZDNet. The proposal had not been published at the time of the report.
Bank issuance would not necessarily mean banks handle every step of a payment. Exchanges and third-party payment platforms could still connect consumers with merchants, making the user entry point and payment use cases important areas of competition.
One possible factor is the business integration of Upbit operator Dunamu and Naver Financial. If their services are permitted to connect, Dunamu could earn revenue from stablecoin trading, while Naver Financial could collect merchant payment and settlement fees. Those outcomes remain conditional.
A South Korean financial regulatory official said that using stablecoins for electronic payments may bring the activity under the Electronic Financial Transactions Act. That could require clear obligations for protecting funds used to top up accounts and settle payments, managing transaction information, and handling disputes.
Original report: Odaily, published November 12, 2026, at 12:10 p.m. UTC+8.