Korea's largest bank, Kookmin Bank, applies for the Stable Coin trademark in preparation for the alliance of the eight major banks

Gate News bot message, South Korea's largest bank KB Kookmin has submitted a trademark application related to Stable Coin, which aligns with South Korea's ongoing efforts to establish a legal basis for promoting Stable Coins linked to this coin.

According to the Korean Intellectual Property Rights Information Service (KIPRIS), the National Bank submitted 17 trademark applications on Monday and Tuesday, with application codes KBKRW, KRWKB, KBST, and KRWST.

The applied product categories include software for virtual or digital currency coins, as well as software for managing encrypted cryptocurrency transactions using blockchain technology.

Last week, South Korea's leading mobile payment platform KakaoPay applied for six trademarks similar to the trademark symbols submitted by the central bank this week.

The National Bank told local news media Asia Economic News that it took preemptive action to apply for these trademarks because it is working to form alliances with other banks to conduct Stable Coin business.

According to Economic Review, eight major banks in South Korea, including KB Kookmin Bank, are preparing to establish a joint venture company to issue a Stable Coin based on the South Korean Won. The participating bank institutions include KB Kookmin Bank, Shinhan Bank, Woori Bank, Nonghyup Bank, Korea Investment & Securities, Suhyup Bank, Citibank Korea, and Standard Chartered Korea. This includes four of the five major banks in South Korea.

Source of the news: The Block