KOSCOM, an IT infrastructure provider for the Korea Exchange, has filed five stablecoin-related trademarks, signaling its active preparation for an imminent Korean Won stablecoin market.

Executive Summary

KOSCOM, the information technology infrastructure provider for the Korea Exchange (KRX) and an entity co-founded by the South Korean government, has filed trademark applications for five stablecoin brands: KSDC, KRW24, KRW365, KOSWON, and KORWON. This strategic move positions KOSCOM to proactively engage with the anticipated launch of a Korean Won (KRW) stablecoin market, coinciding with broader private sector initiatives and an evolving regulatory landscape in South Korea.

The Event in Detail

KOSCOM officially registered trademarks for five distinct stablecoin brands. This action follows the reorganization of its crypto and digital assets departments and the establishment of a Digital Asset Business Promotion Task Force reporting directly to its CEO. The firm, a key technology provider for South Korea's financial securities and futures markets, has also launched a proof-of-concept (PoC) for stablecoin technology. KOSCOM is exploring the use of KRW stablecoins as a means of payment within subscription and distribution processes to enhance payment convenience and stability.

Financial Mechanics and Business Strategy

KOSCOM's strategy reflects a calculated response to the burgeoning KRW stablecoin market, moving beyond surface-level announcements to focus on infrastructural development and practical application. The firm's existing work includes a joint platform project for tokenized securities with multiple securities firms, where it is conducting a PoC for tokenized securities settlements using stablecoins. This initiative aims to reduce expenses and enhance stability through a standardized system. The broader market context reveals that while the Bank of Korea (BoK) paused its digital won (CBDC) project in Q2 2025, a clear window has opened for privately issued, KRW-pegged stablecoins. Upcoming South Korean stablecoin regulations, expected to roll out in the coming months, will mandate 100% reserve backing, regular audits, and dual oversight by the Financial Services Commission (FSC) and the BoK. These regulations also include a ₩500 million KRW minimum capital requirement for stablecoin issuers, which is expected to favor established financial institutions like those associated with KOSCOM.

Market Implications

The emergence of officially backed or regulated KRW stablecoins, spearheaded by entities like KOSCOM, could significantly increase institutional adoption and regulatory clarity within South Korea's digital asset market. This development supports a national strategy to reduce reliance on USD tokens and foster monetary sovereignty. Industry participants anticipate the first wave of private won-pegged stablecoins to hit the market by late 2025 or early 2026. A primary goal for these KRW stablecoins is to mitigate the "kimchi premium"—the price discrepancy between cryptocurrencies in Korean and global markets—by enabling efficient swaps between KRW coins and leading dollar stablecoins like USDT and USDC. The Digital Asset Basic Act (DABA) is poised to reshape the market, creating a layered regulatory environment that prioritizes compliance and transparency.

Expert Commentary

Kim Wan-seong, head of KOSCOM's Digital Asset Business Promotion Task Force, stated, "Stablecoins are emerging globally. They have become a new means of payment. KOSCOM will […] help move the digital asset market forward in line with stablecoin trends." Observers suggest that companies will be able to commercialize their stablecoin offerings in the mid- to long-term, signaling a measured, yet optimistic, outlook.

Broader Context

KOSCOM's actions are part of a wider movement within South Korea's financial sector towards KRW-pegged stablecoins. A consortium of eight commercial banks, including KB Kookmin, Shinhan, Woori, Nonghyup, Suhyup, Citibank Korea, and SC First, is developing a trust-based KRW-pegged stablecoin with a 1:1 deposit-backed model. Concurrently, Upbit, South Korea's largest crypto exchange, is partnering with Naver Pay to develop a KRW-stablecoin aimed at streamlining domestic-to-global crypto flows. These parallel initiatives, targeting launches between late 2025 and 2026, underscore a strategic pivot in South Korea to leverage private-sector innovation for digital asset market development, within a framework of robust regulatory oversight.