SeoulHana Bank bought Upbit’s parent to issue won stablecoins.
The ₩1 trillion ($670 million) stake in Dunamu — which handles over 80% of South Korea’s crypto trading — makes Hana its 4th-largest shareholder.
The deal closes June 15; the two firms also plan blockchain remittances and tokenized securities.
Sources: CoinDesk
WHY A WON STABLECOIN NOW
South Korea's crypto market trades enormous volumes but settles almost entirely in USD-pegged stablecoins like USDT and USDC. Every won-to-crypto trade routes through a dollar intermediary, exporting fees and float to American issuers. A won stablecoin keeps that flow domestic.
THE KIMCHI PREMIUM
Korean crypto prices regularly trade 2-10% above global benchmarks — the so-called kimchi premium. Capital controls on outbound won transfers prevent arbitrageurs from closing the gap. Domestic exchanges like Upbit became closed pools where Korean demand sets its own price.
WHY BANKS WERE LOCKED OUT
Since 2017, South Korea required crypto exchanges to partner with a single bank for real-name verified accounts — but banks were forbidden from owning exchanges or issuing crypto products themselves. The wall is now cracking: the Lee Jae-myung government signaled in 2025 that banks could issue won stablecoins under a new framework.
HOW STABLECOINS ACTUALLY WORK
A stablecoin issuer holds reserve assets — typically short-term government bills and bank deposits — and mints one token per unit deposited. The token tracks the peg not by algorithm but by the verifiable promise that the reserve is there. Hana Bank's balance sheet would back the won token directly.
TOKENIZED SECURITIES
The deal also targets tokenized securities — stocks, bonds, and funds represented as blockchain tokens that settle in seconds rather than the T+2 standard. Korea's Financial Services Commission approved a tokenized securities framework in 2023; major banks have been waiting for infrastructure partners with crypto exchange experience.