The Bank of Korea halts its CBDC project to favor a private sector-led development of a won-based stablecoin market.

Upbit's parent company Dunamu and payments giant Naver Pay announce a collaboration to develop a payments business based on a KRW stablecoin.

IQ and Frax launch KRWQ, a multichain KRW-pegged stablecoin, on the Base network, designed to be regulatory-compliant for global markets.

KakaoBank advances its KRW-pegged stablecoin project into the development stage, backed by its parent company Kakao Group.

South Korea's Financial Services Commission (FSC) misses a deadline to submit its regulation bill for KRW-pegged stablecoins, citing coordination needs.

KRW-Pegged Stablecoins was founded and officially launched.