Two major South Korean banking groups are simultaneously deepening ties with cryptocurrency platforms to build the next generation of digital finance—this time focused squarely on won-backed stablecoins and tokenized assets. The moves signal a watershed moment for institutional adoption in a country with one of the world’s most active crypto markets.
Hana Financial and Dunamu broaden their alliance
Hana Financial Group and Dunamu, the operator of exchange Upbit, are moving well beyond a passive equity investment. Senior executives from both firms recently held a private meeting in Seoul to align on joint initiatives that could reshape how traditional banking and blockchain interact. According to Yonhap News, the talks centered on expanding cooperation in won-based stablecoins, security tokens, and real-world asset (RWA) tokenization. Hana Bank had already been Upbit’s banking partner for won deposits and withdrawals, and in May acquired a 6.6% stake in Dunamu worth about 1 trillion won ($720 million). The new discussions turn that investment into an active strategic partnership aimed at regulated digital financial products.
HashKey, Kbank and BPMG form cross-border stablecoin pact
In a parallel development, Hong Kong-based HashKey Group signed a memorandum of understanding with South Korean internet-only bank Kbank and blockchain technology firm BPMG Group. The trio will explore KRW stablecoin applications for cross-border payments and regional trade settlement. HashKey will leverage its institutional network across Asian markets, Kbank will assess regulatory compliance and feasibility, and BPMG (through its U.S. subsidiary ARACORE) will build the technical payment and settlement infrastructure. The partnership is part of HashKey’s “Asia Connect” strategy and builds on Kbank’s earlier proof-of-concept work with Ripple and BPMG on stablecoin remittances in Thailand and the UAE. No commercial product launch date has been set, and all work remains subject to regulatory approval.
A regulated stablecoin framework takes shape
Both initiatives unfold as South Korea pushes to establish clear legal rules for won-backed stablecoins under a planned Digital Asset Basic Act. The Bank of Korea has backed a bank-led issuance model, while lawmakers debate which entities may issue tokens. Meanwhile, overseas crypto transfers face stricter oversight under amended Foreign Exchange Transactions Act regulations. The concurrent partnerships suggest that traditional lenders and digital asset firms are positioning themselves ahead of the formal framework, betting that demand for bank-supported, blockchain-based payments and tokenized assets will be substantial.
The Hana-Dunamu and HashKey-Kbank-BPMG collaborations mark a critical step in bridging legacy finance with digital assets. If successful, they could serve as blueprints for how banks and crypto platforms can jointly operate within strict regulatory boundaries, potentially offering consumers and businesses faster cross-border payments and access to tokenized real-world assets.
