Catenaa, Sunday, November 30, 2025- South Korea’s KakaoBank has advanced its Korean won-pegged stablecoin project into development, signaling the digital bank’s push into the local digital finance market.
The initiative follows the formation of a task force within Kakao’s financial units to explore stablecoin issuance and digital asset services.
Job postings on KakaoBank’s official website indicate hiring for blockchain backend developers with expertise in smart contracts, token standards, transaction management, and full node operation.
The move comes after CFO Kwon Tae-hoon noted the bank is reviewing options for digital asset issuance and custody during the first half of 2025.
KakaoBank joins Naver, another South Korean tech giant, which is reportedly launching a stablecoin wallet and merging its fintech arm, Naver Financial, with Upbit, the country’s largest cryptocurrency exchange.
Both companies aim to leverage their large user bases—KakaoPay with 42 million members and NaverPay with 30 million monthly users—to drive adoption of local stablecoins.
The development aligns with South Korean President Lee Jae Myung’s policy focus on promoting won-pegged stablecoins to preserve monetary sovereignty and reduce reliance on U.S. dollar-backed digital currencies.
Legislative progress has been limited, as the Bank of Korea requires only licensed banks to issue won-stablecoins, prompting pushback from domestic firms.
KakaoBank’s stablecoin initiative could accelerate competition in South Korea’s digital finance ecosystem, positioning the bank to integrate blockchain-based payments and financial services into its existing platforms.
The project reflects growing interest from major tech and fintech firms in combining traditional banking, digital payments, and blockchain technologies.
