Polaris Office Joins South Korean Stablecoin Trend With POLAKRW

Polaris Office, a prominent software developer, has joined the growing trend of South Korean companies venturing into the stablecoin market. The firm has applied for trademarks for a new stablecoin named POLAKRW, which is pegged to the Korean won. This move comes as Seoul prepares to implement regulations for stablecoins, with numerous banks, fintech companies, and IT firms already registering trademarks for their own KRW-pegged stablecoin projects.

Polaris Office is known for its suite of office software and has filed 102 trademark cases with the Korean Intellectual Property Office. The applications cover three main categories: computer software and cryptoasset-related programs, electronic finance and payment agency services, and blockchain-based technology services and software development. This latest initiative underscores Polaris Office's growing involvement in the cryptocurrency space, as it has already launched a cryptoasset named Polaris Share (POLA) through its subsidiary Polaris Share Tech. The POLA token is listed on major crypto exchange platforms like Bithumb and has recently introduced a USD-based swap pool for PayPal’s PYUSD stablecoin.

A spokesperson for Polaris Office highlighted the significance of stablecoins in the transition to web3, stating that they serve as the foundation for a digital infrastructure that integrates data, payments, and contracts. The company aims to create new markets and a knowledge-sharing platform centered around POLAKRW, further solidifying its position in the evolving digital asset landscape.

In addition to Polaris Office, BNK Financial Group has also applied for 25 stablecoin trademarks. BNK operates Busan Bank, which recently joined the Stablecoin Division at the Open Blockchain/DID Association (OBDIA). The trademark package includes 10 stablecoin trademarks for Busan Bank and four for Gyeongnam Bank, another regional banking arm. OBDIA members have discussed plans to develop a platform for stablecoin issuance, reflecting the broader industry interest in stablecoins.

President Lee Jae-myung has expressed a strong interest in passing stablecoin-related laws through the National Assembly, indicating a supportive regulatory environment for stablecoin projects in South Korea. This regulatory push, combined with the growing number of companies entering the stablecoin market, suggests a significant shift in the country's approach to digital assets and blockchain technology.