A draft of South Korea’s Digital Asset Basic Act, expected to be released in November 2026, would propose that bank-led consortia issue won-denominated stablecoins, according to an Odaily report published on November 12, 2026, at 12:10 p.m. UTC+8. The proposal had not been presented as a final rule.
Issuing a stablecoin and making it usable are different roles. Even if banks handle issuance, exchanges and third-party payment platforms could still connect consumers with merchants. That would make user access and payment use cases important areas of competition.
The reported business integration of Dunamu, which operates Upbit, and Naver Financial could affect those roles. If their services are permitted to connect, Dunamu could earn revenue from stablecoin trading, while Naver Financial could collect merchant payment and settlement fees. These are conditional possibilities, not confirmed arrangements.
A South Korean financial regulator official said that using stablecoins for electronic payments might bring the relevant businesses under the Electronic Financial Transactions Act. Obligations could include protecting funds held for top-ups and settlement, managing transaction information, and handling disputes.