According to PANews, South Korean financial institutions are intensifying their efforts in the stablecoin market. IBK Industrial Bank and Shinhan Financial Group have recently filed applications for trademarks related to Korean won stablecoins, marking their entry into the competitive landscape of stablecoin issuance.
IBK Industrial Bank submitted applications on June 27 for ten trademarks, including 'IBKKRW,' 'IBKRW,' and 'ONEIBK.' These trademarks are intended for use in areas such as 'stablecoin electronic transfer services' and 'blockchain-based digital financial asset management.'
Similarly, Shinhan Financial Group applied for 21 stablecoin-related trademarks on June 26, including 'KRWSHB,' 'SFGKRW,' and 'SHKRW.' The applications cover services like 'cryptocurrency financial transaction business' and 'cryptocurrency brokerage business.'
These moves highlight the growing interest and competition among South Korean banks in the stablecoin sector, as they seek to leverage blockchain technology for financial services.