Joined the Open Blockchain·DID Association (OBDIA)
Joined the "Stablecoin Division"
Reviewing Technology and Business Models for Stablecoin Issuance
K Bank announced on June 13 that it has joined the Open Blockchain·DID Association (OBDIA) as a member company.
Through this membership, K Bank plans to actively engage not only in identifying trends across the digital asset ecosystem but also in conducting empirical research and policy response activities related to stablecoins.
OBDIA is a leading domestic blockchain association that received approval as a nonprofit corporation from the Ministry of Science and ICT in 2018. To date, member companies from various sectors, including enterprises, financial institutions, and startups, have participated in the association.
OBDIA carries out a range of activities such as conferences, seminars, and technology forums to foster the blockchain ecosystem and vitalize the industry. It also focuses on providing reliable analytical information.
In April, OBDIA established a 'Stablecoin Division' to assess the potential for institutionalization and effectiveness of stablecoins. Major financial institutions, including KB Kookmin Bank, Shinhan Bank, Woori Bank, NH Nonghyup Bank, IBK Industrial Bank, Suhyup Bank, and the Korea Financial Telecommunications and Clearings Institute, are participating in joint research through this division.
K Bank plans to conduct empirical research in collaboration with other banks on the feasibility of applying stablecoins to the domestic financial system and to actively participate in technical cooperation. Amid ongoing discussions on the legalization of won-based stablecoins, K Bank is expected to present the banking sector's position and take the lead in business activation, such as establishing joint blockchain systems when related legislation is enacted in the future.
Through joining the association, K Bank aims to contribute to discussions and public consensus on blockchain technology and policy, including stablecoins, and to explore ways to apply these technologies in practical financial environments.
Furthermore, K Bank intends to internalize technology by accumulating proof-of-concept (PoC) experience in digital asset areas such as blockchain-based wallets, non-fungible tokens (NFTs), and staking.
Meanwhile, in April, K Bank officially announced its participation in the 'Pax Project,' a proof-of-concept (PoC) initiative for overseas remittance using stablecoins. This is an international cooperation project centered on Japan, where stablecoins have been institutionalized, and aims to build a global remittance and payment system based on digital assets. K Bank is responsible for the PoC connecting banking systems between Korea and Japan, demonstrating the potential use of won-based stablecoins.
A K Bank representative stated, "We expect that joining OBDIA will serve as another important opportunity for financial innovation based on digital assets," adding, "We will continue to prepare for innovation in finance as a 'tech-leading bank' by leveraging various digital asset technologies, including stablecoins."
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