Key Takeaways
(P1) Tether, the issuer of the world's largest stablecoin, has expanded its intellectual property filings in South Korea to 15 trademarks, including applications for “KRWT” and “WONTETHER” that point to a potential stablecoin pegged to the Korean won.
(P2) The applications, visible in the Korea Intellectual Property Rights Information Service (KIPRIS) database, are seen by industry watchers as a strategic move to establish a local foothold ahead of the country's pending Digital Asset Basic Act, which could require foreign issuers to set up a domestic branch.
(P3) The filings, made between last year and May 14, cover more than just a potential won stablecoin. They also include the company's gold-backed token XAUT, its shield logo, and other product names like QVAC, USDT0, and USAT. One application, 'PROOF OF STEAK,' was filed under a classification for food and beverage services, separate from the others in the software and crypto category.
(P4) A won-pegged stablecoin from Tether would directly compete with plans from a consortium of South Korean banks and efforts by rival Circle, whose executives visited Seoul in April to meet with financial partners. While the trademark filings secure brand rights, Tether has not officially confirmed a launch, but the move positions the firm for a significant role as new stablecoin regulations come into force.
A stablecoin, a type of cryptocurrency designed to maintain a stable value by linking to an external asset like the U.S. dollar, is a critical component of the digital asset market. A Tether-issued stablecoin pegged to the Korean won (KRW) could significantly deepen liquidity in one of the world's most active crypto trading markets.
The timing of the filings corresponds with increasing regulatory clarity in the nation. South Korean lawmakers are finalizing a Digital Asset Basic Act, and Tether's Chief Compliance Officer, Leonardo Real, attended a National Assembly seminar in Seoul last week to discuss global stablecoins. This proactive engagement, combined with the trademark filings, suggests Tether is preparing for compliance with the new framework.
The potential KRWT token would enter a competitive field. Circle, the issuer of the second-largest stablecoin USDC, has already announced partnerships with local Korean banks and crypto exchanges. Furthermore, a group of major South Korean banks is working on its own won-backed stablecoin, setting up a future clash between the global giant and home-grown alternatives.
This article is for informational purposes only and does not constitute investment advice.
