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 ChainCatcher’s November 12 report. The proposal was not yet a final rule at the time of reporting.
Issuing a stablecoin and making it available for payments are different roles. Even if banks handle issuance, exchanges and third-party payment platforms could connect consumers with merchants. That would make user access and payment use cases important areas of competition.
A possible integration of Upbit operator Dunamu 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 outcomes remain conditional.
A South Korean financial regulator official said that using stablecoins for electronic payments could bring the activity under the Electronic Financial Transactions Act. In that case, obligations would need to be clarified for protecting funds used for top-ups and settlement, managing transaction information, and handling disputes.
Original report: ChainCatcher, November 12, 2026, 12:10 p.m. (UTC+8).