Samsung exec suggests Korean won stablecoin could integrate with wallet

What happened

Park Hyun-soo, managing director at Samsung Global Research, suggested during a policy seminar in Seoul that a Korean won-denominated stablecoin could eventually be integrated into Samsung Wallet if South Korea issues one under its developing regulatory framework. Park made the remarks on November 5 at a seminar held in the National Assembly Members' Office Building in Yeouido district to mark the publication of a book titled The Future of Money, the Stablecoin Revolution.

Park pointed to Samsung's existing U.S. stablecoin service as a potential model for South Korea. That service, which launched in late October with support for Circle's USDC on the Solana blockchain, is available to eligible U.S. Galaxy users and reaches approximately 82 million compatible devices. The U.S. version allows customers to hold, send, and receive stablecoins, transfer funds to compatible crypto wallets, and send money to qualifying bank accounts in more than 60 countries where recipients can receive local currency.

According to Park, a similar arrangement could be introduced domestically if a won-backed stablecoin becomes available. He explained that such a service could create opportunities for digital payment options beyond conventional bank transfers and card payments, allowing Korean users to access the digital currency through Samsung Wallet while maintaining regulatory compliance.

Why it matters

Park identified multiple areas where stablecoins could serve South Korea's financial system. Beyond consumer payments, he highlighted tokenized securities as a key use case. Financial institutions are preparing for the introduction of security token offerings, with full-scale issuance expected to begin next year. Using stablecoins to settle securities transactions on blockchain networks could provide a more efficient payment process as tokenized financial products become available. In September, Eugene Investment & Securities partnered with BEATOZ to examine whether stablecoins could be used for subscription payments involving tokenized securities, suggesting financial firms are already exploring practical applications.

Background

Samsung's stablecoin integration marks a significant step in bringing digital currency functionality to mainstream consumer devices. The company first announced its stablecoin plans in early October and began rolling out USDC support on Samsung Wallet in late October. The service was built with Bastion, a licensed stablecoin custodian and infrastructure provider, and Coinbase, which safeguards USDC through Coinbase Prime Vault. Samsung has stated it expects to explore online and in-store stablecoin payments and expand to additional markets subject to local regulation.

South Korea has been developing its regulatory framework for digital assets as part of broader efforts to foster financial innovation. Park's comments reflect Samsung's positioning within that evolving landscape and suggest the company is prepared to adapt its wallet services to local requirements if regulatory conditions allow stablecoin issuance and use.

What is still unclear

The timeline for South Korea's potential introduction of won-denominated stablecoins remains uncertain. While Park's comments suggest Samsung is prepared to integrate such a stablecoin into its wallet, the actual issuance and regulatory approval of a won stablecoin has not been announced. The effectiveness of regulatory compliance requirements in affecting transaction costs and the final design of South Korea's stablecoin framework also remain to be determined.

What to watch

Park warned that widespread stablecoin adoption could create challenges for South Korea's existing financial system. If customers move substantial deposits into stablecoins, banks could face constraints on their ability to create credit, potentially affecting financing for small and medium-sized businesses and borrowers with weaker credit profiles. He also raised concerns about monetary policy transmission, noting that stablecoins not paying interest could weaken how central bank interest rate decisions flow through the financial system. Additionally, Park cautioned that regulatory compliance requirements such as anti-money laundering checks and know-your-customer verification could raise transaction costs and that network effects could concentrate stablecoin activity among a small number of issuers or major technology companies.

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