Kyobo Life Insurance Kicks Off Stablecoin and RWA Financial Business Initiative

[Financial News] Kyobo Life Insurance is joining forces with Japan's SBI Holdings and global stablecoin company Circle, among others, to commercialize stablecoin and real-world asset (RWA) applications in financial services.
Kyobo Life Insurance announced on the 2nd that it held the “Bridging Finance Onchain” event with SBI Holdings, Circle, and BDACS at Four Seasons Hotel Seoul on the 1st to discuss cooperation in digital financial services.
The event covered ways to integrate blockchain-based financial services, including proof-of-concept (PoC) projects, as well as stablecoins and asset tokenization into traditional finance, including insurance and asset management. Kyobo Life Insurance is also working to establish investment and management systems for using digital assets in actual financial operations.
SBI Holdings introduced the yen stablecoin JPYSC and the finance-focused blockchain Strium, while Circle presented Circle StableFX, an institutional stablecoin payment and foreign-exchange infrastructure. BDACS demonstrated an exchange and payment process using the Korean won stablecoin KRW1 and the dollar stablecoin USD Coin (USDC).
Participants agreed that regulatory standards, internal controls, consumer and investor protection, and payment and settlement infrastructure must support the broader adoption of onchain finance.
Park Jin-ho, vice president of Kyobo Life Insurance, said, "Traditional finance and onchain finance must develop together," adding, "I hope this will serve as the starting point for partnerships that move beyond technical discussions and lead to actual businesses."
Building on the event, Kyobo Life Insurance plans to expand cooperation with domestic and international financial and digital asset companies and develop concrete proof-of-concept projects and new businesses related to stablecoins and RWAs. 

[email protected] Hong Ye-ji Reporter