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Kbank to become stablecoin's biggest beneficiary, says its CEO ahead of IPO

Published: 05 Feb. 2026, 18:28 Updated: 05 Feb. 2026, 18:36

JIN MIN-JI
[email protected]

Kbank CEO Choi Woo-hyoung speaks to reporters during a press conference on the online-only bank's planned initial public offering in March in Yeouido, western Seoul, on Feb. 5. [KBANK]

Kbank, Korea’s first online-only bank, will become the biggest beneficiary bank of stablecoin, said its CEO on Thursday, as the bank announced its expansion plans ahead of the scheduled initial public offering (IPO) next month.

“Once legislation related to stablecoins is finalized, we will take a leading role within a consortium to issue a stablecoin,” said Kbank CEO Choi Woo-hyoung during a press conference in Yeouido, western Seoul. Kbank is closely working with several local commercial banks and foreign digital firms and banks to reinforce its digital asset business.

“If corporate investors begin to participate in the digital asset market in earnest, the market size is expected to grow significantly,” Choi added, noting the bank’s commitment to building stablecoin-based infrastructure for cross-border remittances and payments. “Kbank, which has already established itself as the leading gateway to the digital asset market, will benefit the most.”

The bank also plans to use the funds raised through the listing to expand its presence in small-and medium-sized enterprises to expand its growth engine, as most of its operations involve household lending.

Established in January 2016 to fuel competition and deregulation in the financial sector, Kbank has rapidly grown thanks to its partnership with Dunamu — the operator of Korea’s largest crypto exchange, Upbit — in 2020, through which the bank offers real-name account services for Upbit users. Its users broke 15 million as of last year. Its net interest income totaled 323.2 billion won ($223 million) through the third quarter last year, down 13 percent on year.

Electronic display boards at Shinhan Bank's dealing room in central Seoul show Korea's financial markets on Feb. 5. [SHINHAN BANK]

The Thursday event took place as Kbank makes its third attempt to go public on the Kospi on March 5. Under the IPO, Kbank will offer 60 million shares at a price range of 8,300 won to 9,500 won apiece — roughly 20 percent lower than in its previous IPO attempt in 2024.

While the lower price and the Kospi rally are raising market expectations, Kbank also faces risks, including its heavy reliance on its partnership with Upbit. As of the third quarter of last year, roughly 24 percent of Kbank’s 30.4 trillion won in deposit balance consisted of funds deposited by Upbit. The average Upbit deposit balance at Kbank has been growing steadily from 4.82 trillion won in 2022 to 6.57 trillion won last year.

“Kbank’s core banking deposits are growing overwhelmingly, and the funds deposited by customers using Upbit’s virtual assets fluctuate depending on market conditions,” CEO Choi said. He added that its reliance on Upbit was concerning up until four to five years ago, but its current impact on the bank is “no longer significant.”

Public subscription for Kbank will take place on Feb. 20 and 23. Once listed, it will become the second online-only bank to enter the Kospi, following Kakao Bank in 2021. BC Card, with a 33.72 percent stake, is Kbank’s largest shareholder.

BY JIN MIN-JI [[email protected]]