KB Kookmin Files Stablecoin Trademarks for Consortium
South Korea's largest bank, KB Kookmin, has taken steps to secure trademarks for various stablecoin tickers. The move is part of the country's efforts to promote stablecoins tied to the local currency, the Korean won. According to the Korea Intellectual Property Rights Information Service (KIPRIS), KB submitted 17 trademark applications for symbols such as KBKRW and KRWKB, among others. These trademarks relate to software for digital currency and blockchain-based transaction management. Following a similar move by KakaoPay, KB aims to form a banking consortium to advance the stablecoin business. This includes collaboration with South Korea's major banks and blockchain organizations, aiming to launch a Korean won-pegged stablecoin by late 2025 or early next year. This initiative aligns with recent legislative and government efforts to support local stablecoins, promising economic benefits like reduced trade costs and increased foreign investment.
FAQ
❓ What is KB Kookmin's recent move in the crypto space?
KB Kookmin has filed for stablecoin-related trademarks as part of a consortium with other banks to support Korean won-pegged stablecoins.
❓ When is the expected launch for Korean won-based stablecoins?
The launch is anticipated by late 2025 or early next year, depending on legislative progress.
❓ What are the benefits of stablecoins for South Korea?
Stablecoins can reduce trade costs, diversify foreign exchange risks, and attract global investment.