Korea’s card industry is launching a proactive response to the potential institutionalization of won-based stablecoins. The Credit Finance Association and the nation’s major card issuers are forming a joint Task Force (TF) focused on stablecoin-related issues, with their first kickoff meeting scheduled as early as next week.
The TF will include eight card companies: Shinhan, Samsung, Hyundai, KB Kookmin, Lotte, Woori, Hana, and BC Card. The group aims to propose to financial authorities that card companies be allowed to participate in stablecoin operations and transactions. A core item on the agenda is amending the Specialized Credit Finance Business Act to allow digital asset-related services as part of card firms’ ancillary or concurrent business areas.
The urgency behind this initiative lies in the fact that the spread of stablecoins could disrupt the existing structure of the payment ecosystem. Stablecoins enable direct transactions between consumers and merchants, bypassing intermediaries like PGs (Payment Gateways) and VANs (Value Added Networks). This poses a direct threat to the fee-based revenue model that underpins the card industry. In fact, global stablecoin transaction volume reached approximately $27.6 trillion last year—exceeding the combined volume of Visa and Mastercard.
To stay ahead of the curve, card companies are also racing to secure trademarks related to stablecoins. Shinhan has filed eight applications, KB Kookmin 35, and Lotte 36. In parallel, the Credit Finance Association is organizing regular seminars and industry study sessions to analyze regulatory trends and technical issues. Through the TF, the industry aims to establish a coordinated strategy in response to the changing legal and market landscape.
A representative from the card sector remarked, “The institutional adoption of stablecoins could trigger a structural transformation in the payments industry,” adding, “This is the moment for card companies to redefine their role.”
