Samsung Wallet could add won stablecoins if South Korea clears the rules, Samsung research exec says Samsung Global Research has signaled that Samsung Wallet may one day support stablecoins denominated in Korean won — if regulators give the green light. Park Hyun-soo, managing director at Samsung Global Research, made the comments on November 5 at a policy seminar in Seoul marking the release of The Future of Money, the Stablecoin Revolution. Park pointed to Samsung’s recent stablecoin work in the United States as a clear blueprint. In October, Samsung began rolling out USDC support across some 82 million compatible Galaxy devices in the U.S., enabling eligible users to hold USDC in Samsung Wallet, transfer it to other crypto wallets and remit funds to qualifying bank accounts in more than 60 countries. The service, built with infrastructure provider Bastion and custody by Coinbase Prime Vault, uses Solana and Sui blockchains and requires identity verification plus biometric authentication on registered devices. Recipients can get sent funds in their local currency without needing to open a crypto wallet. “If won-backed stablecoins are issued under the developing regulatory framework, Samsung Wallet could offer similar payment features in Korea,” Park said, describing the U.S. model as a potential template for domestic rollout. Why it matters - Payments: Park argued that bringing regulated stablecoins into Korea’s financial system could expand consumer payment options beyond bank transfers and card networks — potentially enabling instant, blockchain-based retail and online payments. - Securities settlement: He also highlighted tokenized securities and security token offerings (STOs) as a major use case. Financial institutions are preparing for STO issuance, with full-scale issuance expected in 2027 as South Korea finalizes its rules for tokenized securities. - Industry testing: Market players are already testing stablecoin roles in settlement and distribution. In September, Eugene Investment & Securities partnered with BEATOZ to explore handling subscription payments and settlement for tokenized securities on a single blockchain-based system. Kakao Pay and KakaoBank have also been trialing digital-asset infrastructure with Fireblocks focused on domestic regulatory and security requirements. Regulatory backdrop South Korea’s Financial Services Commission has proposed detailed rules to let stocks, bonds, funds and certain fractional investment products enter a regulated tokenized securities market starting February 4, 2027. The draft framework covers issuer obligations, distributed ledger operations and licensed over-the-counter trading platforms; public consultation on the rules runs through November 11. Risks and caveats Park stressed that stablecoin adoption isn’t risk-free and must be managed carefully: - Bank funding and credit: If large amounts of deposits migrate into stablecoins, commercial banks’ deposit bases — a key funding source for lending — could shrink, constraining credit availability for small and medium-sized enterprises and riskier borrowers. - Monetary policy transmission: Stablecoins that don’t pay interest could blunt how central bank rate moves filter through the economy, complicating monetary policy implementation. - Concentration and platform power: Network effects could concentrate stablecoin usage among a few issuers or give big tech firms outsized influence over payments. - Compliance costs: Anti-money laundering (AML) and know-your-customer (KYC) rules will increase costs and complexity, potentially eroding the low-fee appeal of some stablecoin models. “We are not saying stablecoins shouldn’t be introduced,” Park summarized. “But the framework needs to be designed with these issues fully in mind so that stablecoins can become a tool for sound financial innovation.” What’s next Samsung appears prepared to follow regulatory developments closely and scale services where local rules permit. The company has suggested future expansions could include stablecoin payments at online merchants and physical stores, with broader rollouts dependent on each market’s legal framework. Meanwhile, Korean banks, card companies and insurers are reportedly studying stablecoin applications internally, positioning the industry for a potential wave of blockchain-native payments and tokenized finance — provided regulators strike the right balance between innovation and stability. Read more AI-generated news on: https://app.chaingpt.org/news