Stablecoins receive five new trademark registrations from KOSCOM
KOSCOM Joins the Stablecoin Wave in South Korea
KOSCOM, an affiliate firm of Korea Exchange, has taken a significant step in the digital asset market by registering for five new stablecoin-related trademarks: KSDC, KRW24, KRW365, KOSWON, and KORWON. This move signals KOSCOM's active participation in the growing stablecoin market in South Korea.
Known for providing tech solutions for the Korean stock market and acting as a trading platform for the nation's financial securities and futures markets, KOSCOM is now poised to extend its services to the stablecoin sector. The company's Digital Asset Business Promotion TF Division is pursuing a new mechanism that provides proof-of-concept for stablecoin technology.
The reorganization of KOSCOM's departments is part of a shift to proactively respond to the stablecoin trend in South Korea. Kim Wan-seong, Head of the KOSCOM Digital Asset Business Promotion TF, has stated KOSCOM's intention to advance the digital asset market in line with the trend of stablecoins.
While South Korea does not yet have a solid government-issued guideline for the stablecoin market, the country is experiencing an emergence of Korean won-backed stablecoin projects competing for dominance. Besides KOSCOM, major South Korean players such as BDACS in partnership with Woori Bank, and nine commercial and online banks including Kakao Bank and KB Kookmin Bank, have announced plans to develop their own Korean Won-backed stablecoins.
BDACS' KRW1 became the first won-supported stablecoin to be available on the Avalanche blockchain on Sept. 18. BDACS and fanC have already launched their won-backed stablecoins, and other firms like Toss have expressed interest in joining the stablecoin market.
South Korean Democrats want to accelerate the rollout of KRW stablecoins. However, the statement does not provide any information about KOSCOM's partnerships or collaborations in the stablecoin development.
KOSCOM plans to release stablecoins for facilitating payment for subscriptions and distribution processes. The new mechanism is being studied for its potential use in stock market settlement. As KOSCOM gradually develops and verifies stablecoins, it aims to enhance payment convenience and stability.
With KOSCOM's entry into the stablecoin market, the competition for dominance in the South Korean stablecoin sector is expected to intensify.
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