Software Developer Polaris Office Joins South Korea’s Stablecoin Craze

The software developer Polaris Office has become the latest major South Korean company to get aboard the KRW-pegged stablecoin bandwagon.

Scores of notable banks, fintech companies, and IT firms have already registered trademarks for Korean won stablecoin projects this month as Seoul prepares to roll out regulations.

And per MTN News, Polaris Office has now followed suit by applying for trademarks for a coin named POLAKRW.

Polaris Office: Another Firm Joins Stablecoin Craze

The firm is most famous for its eponymous suite of office software.

Polaris has lodged a total of 102 cases with its trademark application at the Korean Intellectual Property Office.

These include “three major product categories,” MTN reported. The first pertains to “computer software and cryptoasset-related programs.”

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The second covers “electronic finance, payment agency, and cryptoasset brokerage services.” And a third category pertains to “blockchain-based technology services and software development.”

Polaris is no stranger to the crypto scene. It has already launched a cryptoasset named Polaris Share (POLA), which it operates via its subsidiary Polaris Share Tech.

The token is listed on crypto exchange platforms like Bithumb. The POLA operators have also recently launched a USD-based swap pool for PayPal’s PYUSD stablecoin. The media outlet quoted a Polaris Office spokesperson as saying:

“Stablecoins are the starting point of the web3 transition. They are part of a digital infrastructure that connects data, payments, and contracts. In the future, we will create a range of new markets, as well as a knowledge-sharing platform centered around POLAKRW.”

More South Korean Banks Eye Stablecoin Launches

Busan Ilbo, meanwhile, reported that the BNK Financial Group has also applied for 25 stablecoin trademarks.

BNK is the operator of Busan Bank, which joined the Stablecoin Division at the Open Blockchain/DID Association (OBDIA) earlier this month.

The BNK trademark package includes 10 stablecoin trademarks for Busan Bank and four for its other regional banking arm, Gyeongnam Bank.

OBDIA members have spoken about tentative plans to create a platform for stablecoin issuance.

President Lee Jae-myung, who swept to power early last month, is keen to pass a range of stablecoin-related laws through the National Assembly in the weeks ahead.