South Korean software developer Polaris Office has become the latest entity to join the growing trend of KRW-pegged stablecoins. This move follows a surge of trademark registrations from various banks, fintech firms, and IT companies within the country, as Seoul gears up to implement new regulatory measures.
According to MTN News, Polaris Office has submitted applications for trademarks relevant to a new coin dubbed POLAKRW. This initiative aligns with a broader movement among major South Korean firms venturing into the stablecoin space.
Polaris Office: Another Firm Joins Stablecoin Craze
Renowned for its suite of office software, Polaris Office has made significant strides by filing a total of 102 trademark applications with the Korean Intellectual Property Office. These applications encompass “three major product categories,” as reported by MTN.
The first category addresses “computer software and cryptoasset-related programs,” while the second pertains to “electronic finance, payment agency, and cryptoasset brokerage services.” Additionally, the third category is related to “blockchain-based technology services and software development.”
Polaris Office is already familiar with the cryptocurrency market, having launched its own cryptoasset called Polaris Share (POLA) through its subsidiary, Polaris Share Tech. The POLA token is available on several cryptocurrency exchange platforms, including Bithumb, and recently, the POLA operators introduced a USD-based swap pool for PayPal’s PYUSD stablecoin. A representative from Polaris Office stated:
“Stablecoins are the starting point of the web3 transition. They are part of a digital infrastructure that connects data, payments, and contracts. In the future, we will create a range of new markets, as well as a knowledge-sharing platform centered around POLAKRW.”
More South Korean Banks Eye Stablecoin Launches
Additionally, the BNK Financial Group has filed for 25 stablecoin trademarks, as reported by Busan Ilbo. BNK, which operates Busan Bank, recently joined the Stablecoin Division at the Open Blockchain/DID Association (OBDIA).
The BNK trademark applications include ten stablecoin trademarks specifically for Busan Bank, along with four related to its regional banking affiliate, Gyeongnam Bank. OBDIA members have expressed intentions to develop a stablecoin issuance platform.
With President Lee Jae-myung, who assumed office early last month, eager to advance a suite of stablecoin-related legislation in the National Assembly, the trend towards digital currencies in South Korea continues to gain momentum.
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