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South Korea’s race to build a Korean won-pegged stablecoin escalated today as KakaoBank signaled a move from planning to active development, while rival tech giant Naver officially confirmed a $10.3 billion merger with the nation’s largest crypto exchange.
The stakes extend far beyond corporate competition. South Korea is mounting one of Asia’s most aggressive challenges to U.S. dollar hegemony in digital finance, with nearly every citizen potentially gaining access to won-stablecoins through platforms they already use daily.
KakaoBank Corp. (KRX: 323410) began recruiting blockchain developers today, signaling its stablecoin project has entered the build phase. Job postings on the bank’s official website seek expertise in smart contracts and token standards. KakaoPay filed 6 copyright applications in June for stablecoin ticker symbols including PKRW, KKRW, and KRWP. With 42 million members in a country of 51.7 million people, KakaoPay’s reach could enable rapid nationwide adoption.
Rival tech giant Naver officially confirmed today it completed a stock swap merger with Dunamu, operator of Upbit, South Korea’s dominant cryptocurrency exchange. NaverPay serves 30 million monthly users, positioning the combined entity to distribute stablecoins instantly across existing networks.
President Lee Jae-myung has made Korean won-stablecoin development a key policy initiative, framing it as essential for protecting monetary sovereignty against dominant dollar-pegged stablecoins like Tether (CRYPTO: USDT) and USD Coin (CRYPTO: USDC).
Millions of South Koreans already use dollar-denominated stablecoins, effectively exporting capital and undermining the won’s role in digital transactions. Stablecoins are reshaping how global markets operate with regulatory clarity and yield distribution driving adoption worldwide.
The Bank of Korea insists that banks should own at least 51% of any stablecoin issuer. This position has triggered pushback from tech companies that want direct market access.
Several stablecoin bills have been proposed in South Korea’s National Assembly, but legislative progress has stalled. KakaoBank occupies a unique position as a licensed bank backed by a tech conglomerate, potentially satisfying both regulators and innovators. Eight major banks, including KB Kookmin, Woori, Shinhan, and Hana, are preparing won-pegged stablecoin projects targeting launch by late 2025 or early 2026.
The numbers are striking. KakaoPay’s 42 million members and NaverPay’s 30 million monthly users represent the majority of South Korea’s population. If won-stablecoins launch on these platforms, adoption could be immediate and widespread.
This contrasts sharply with Western markets, where stablecoin use cases remain concentrated in crypto trading rather than mainstream payments. As panelists at Benzinga’s Fintech Day highlighted, stablecoins are changing how capital moves by enabling instant account funding.
South Korea’s push comes as digital currency competition intensifies worldwide. The U.S. passed the GENIUS Act in July 2025, establishing federal oversight for dollar-pegged stablecoins. Japan is preparing to approve its first yen-denominated stablecoin.
Traditional finance institutions are also entering the space. BlackRock Inc. (BLK) launched a redesigned money market fund aligned with new regulations, while Citigroup Inc. (C) invested in U.K.-based BVNK to position itself in what analysts project could become a $1.9 trillion market by 2030.
KakaoBank’s shift to active development suggests a stablecoin launch could materialize within 12 to 18 months. Success would demonstrate how countries can leverage blockchain technology to strengthen monetary sovereignty rather than cede it to foreign currencies.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
