IBK·Shinhan Financial Group, Won Stablecoin Trademark Application... Intensifying Digitalization Competition in Domestic Banking Sector

Early introduction expected Won-based stablecoin (Source: Chosun)

IBK Industrial Bank and Shinhan Financial Group have begun in earnest the competition in the digital asset business by successively filing trademark rights related to Won-based stablecoins. According to a Seoul Economy report, IBK applied for the registration of a total of 10 trademarks, including ‘IBKKRW’, ‘IBKRW’, ‘ONEIBK’, with the Patent Office on the 27th. These trademarks include the purposes of use for ‘Stablecoin electronic transfer business’ and ‘Blockchain-based digital financial asset management business’.

Shinhan Financial Group also filed for 21 related trademarks, including ‘KRWSHB’, ‘SFGKRW’, and ‘SHKRW’ a day earlier on the 26th. These trademarks include ‘Cryptocurrency financial transaction business’ and ‘Cryptocurrency brokerage’, and are interpreted as a move with the expansion of digital asset business centered on stablecoins in mind.

This application is interpreted as a signal that major domestic financial groups are aiming to preoccupy the issue of blockchain-based Won coins, and the competitive structure of Won-based stablecoins centered on private financial institutions is likely to intensify.