Kyobo Life, Circle and SBI explore Korean stablecoins and tokenized asset services

交保生命联合SBI控股、Circle及BDACS在首尔探讨稳定币与代币化资产的应用

10月1日，韩国交保生命（Kyobo Life）携手日本SBI控股、Circle以及数字资产公司BDACS在首尔共同举办了一场论坛，旨在深入探讨稳定币和代币化现实世界资产（RWA）在金融服务领域的应用潜力。在此次题为“连接链上金融”（Bridging Finance Onchain）的活动中，各参与方利用BDACS发行的韩元挂钩稳定币KRW1和Circle的美元稳定币USDC，展示了支付与结算的概念模型。同时，Circle还介绍了其Arc网络及Circle StableFX工具，用于展示基于区块链的稳定币外汇结算方案。

超越跨境支付的机构化探索

此次事件为交保生命与SBI此前开展的直接日元兑韩元稳定币结算工作提供了更广泛的机构背景。交保生命表示，其当前关注点已不再局限于跨境支付，而是扩展至涉及保险运营和资产管理的概念验证（Proof-of-Concept, PoC）工作。论坛期间主要展示了演示环节和概念验证活动，而非成熟的商业化服务部署。

CCB Life pointed out that the Seoul Forum aims to discuss the application scenarios of stablecoins and tokenized real-world assets in financial services with SBI Holdings, Circle and BDACS. This combination of participants connects a South Korean life insurance company, a Japanese financial group, a stablecoin issuer and a digital asset company, focusing on potential practical uses rather than consumer-facing cryptocurrency products.

The company revealed that it is currently conducting a proof-of-concept work to try to apply digital assets to its insurance business and asset management fields, and plans to formally establish cooperative relationships with domestic and foreign financial and digital asset companies. Although these statements did not clarify the scope of final services, they did indicate that the company was evaluating the fit of its digital asset infrastructure with its existing financial business processes.

For insurance companies, this distinction is crucial. The established agenda of the forum is not limited to transactions or token issuance, but also covers payment, settlement and asset-related workflows. As of now, Pastoral Life has not detailed which insurance processes or asset management activities will be included in its proof-of-concept work.

KRW1, USDC and Foreign Exchange Settlement Mechanism

The specific concepts displayed at the event mainly focused on the KRW1 won-linked stablecoin issued by BDACS and the USDC dollar stablecoin issued by Circle. Although CCL has not announced a specific production-level settlement process, this pairing suggests that the two parties are exploring the possibility of transactions involving Korean won and dollar-denominated digital cash.

Circle separately demonstrated the Arc Network and Circle StableFX as on-chain stablecoin foreign exchange settlement tools. In this context,"foreign exchange settlement" refers to the exchange and transfer of value between different currencies through a blockchain-based system. The demonstration juxtaposes foreign exchange settlement with the concepts of domestic and cross-border payments, rather than just treating stablecoins as a means of transfer.

The combined use of won pegged tokens with USDC is particularly closely related to the group's previous work on the yen-won channel. This establishes a common logical thread between the Seoul demonstration and the question of whether institutional currency exchanges need not follow traditional dollar routing models.

Early Yen-South Korean Won settlement tests

This forum was held after another proof-of-concept project launched by CCL and SBI in July 2026. According to the Seoul Economic Daily, the project tested direct yen/Korean won stablecoin conversion and institutional settlement in the Canton Network test environment, and transactions were not routed through the US dollar.

Previous tests provide the clearest operational background for the latest discussions. The direct Yen-South Korean won route aims to optimize the conversion and settlement process between the two currencies, while the October forum expanded the dialogue to include the Kron-U.S. dollar concept, tokenized assets, and Pac Life's own financial services operations.

These two efforts should not be confused. The July work was a test in a specific network environment; the Seoul event was a forum that included demonstrations and broader proof-of-concept ambitions. However, the two together indicate that CCL and SBI are still promoting the development of institutional settlement use cases involving stablecoins.

The Role and Future Outlook of Arc Network

Circle launched the Arc public main network on September 16, just more than two weeks after the convening of the Insurance Life Forum. Circle positions Arc as a blockchain that serves financial markets, stablecoin payments, tokenized assets and real-time settlements, and lists SBI Group as one of its founding verification nodes.

SBI's role as the founding verification node connects it directly to Arc, the newly live network layer that Circle demonstrated on the forum. The network is highly aligned with several themes raised at the Seoul meeting: stablecoin payments, foreign exchange settlement, and tokenized assets.

For bail life, the next step is to continue the proof-of-concept work and formally establish cooperation with financial and digital asset companies. The forum connects this work to the infrastructure that Circle has just put into operation on its public main network.