Samsung’s Stablecoin Move Could Save the Company Over $100 Million Annually

SammyGuru is reader-supported. We have affiliate and sponsored partnerships, so we may earn a commission when you buy through links on our site — at no extra cost to you. Learn more.

It looks like Samsung may enter the stablecoin sector, a business model that has gained traction in recent years. According to reports, the Korean firm has established a stablecoin task force and teamed up with Samjong KPMG. If successful, the new business could help the company save more than $100 million annually.

Samsung may launch its own stablecoin

According to a report from Greened, Samsung has begun preparation for the stablecoin business in collaboration with Samjong KPMG. The financial consulting firm analyzes global stablecoin trends and advises domestic financial institutions. Instead of relying on future stablecoins issued by financial institutions, Samsung is considering launching its own stablecoin. The publication further says that officials from the two firms recently met for a discussion.

South Korea’s government is reportedly pursuing the institutionalization of stablecoins, which could help Samsung step into this space legally. Under the Framework Act on Digital Assets, the issuance and distribution structure will be regulated. Furthermore, the Financial Services Commission may expand the scope of stablecoin issuance beyond traditional financial sectors. However, a Samsung official has denied the reports, saying, “This is not true.”

Meanwhile, Professor Kang Hyung-koo of Hanyang University’s School of Business, an advisor to the Presidential Committee on State Affairs for the Lee Jae-myung administration, talked about the benefits of a won-denominated stablecoin. Kang said that Samsung could potentially save between $48.4 million and $103.9 million annually by using stablecoins for internal remittances. Other analysts say that stablecoin may reduce the burden of currency exchange and remittance fees, saving up to $100 million or more annually.

That’s a big figure, which may lead Samsung to seriously consider entering the stablecoin business. We should learn more in the coming months about whether the company is indeed planning to launch its own stablecoin. Meanwhile, there is chatter that Samsung may enter the space industry, with a primary focus on building infrastructure such as rocket launch sites.

Written by

Binay Konwar

Binay Konwar started his blogging journey in 2014 and has since written plenty of tech articles. At present, he is working as a News Writer at SammyGuru, covering everything about Samsung. He holds a Master's degree in Mathematics, but his real passion lies in tech and writing. In his free time, he enjoys playing chess and watching movies.

XMore from Binay Konwar →