Kyobo Life Teams Up With Circle, SBI, and BDACS for Stablecoin Commercialization
Kyobo Life Insurance is partnering with Circle, SBI Holdings, and BDACS to commercialize stablecoins and real-world assets in financial services. The companies discussed proof-of-concept work for blockchain-based financial services and ways to apply stablecoins and asset tokenization to traditional financial businesses like insurance and asset management.
The partnership was announced at the 'Bridging Finance Onchain' event held on October 1 at the Four Seasons Hotel in Seoul. The companies demonstrated various use cases, including JPYSC, a yen-denominated stablecoin from SBI Holdings, and Circle StableFX, an institutional stablecoin payment and foreign-exchange infrastructure.
Kyobo Life is planning to expand cooperation with domestic and overseas financial and digital-asset companies and flesh out proof-of-concept work and new business opportunities related to stablecoins and RWAs. The company believes that traditional finance and on-chain finance need to develop together, as stated by Park Jin-ho, a vice president at Kyobo Life.