KakaoBank Joins Stablecoin Race as Seoul Embraces Digital Assets
KakaoBank is preparing to take a more active role in the digital asset space, signaling strong intentions to enter the stablecoin market.
This shift comes as South Korea moves toward friendlier crypto regulation under newly elected President Lee Jae-myung.
During a recent earnings call, the bank’s CFO, Kwon Tae-hoon, confirmed that stablecoin initiatives are now a key part of their strategy. Collaborating with Kakao Corp.’s internal Stablecoin Task Force, KakaoBank is exploring both issuance and custody solutions.
Trademark filings from June hint at a serious commitment. KakaoBank is one of several major institutions in the country eyeing a Korean won-pegged stablecoin by 2026, alongside rivals like Kookmin Bank. These moves are part of a broader response to the government’s support for legalizing stablecoins.
The bank is no stranger to digital finance, having worked on central bank digital currency pilots and operated KYC-based crypto exchange accounts. With over 25 million users—half the nation’s population—it’s in a unique position to lead this transformation.
While past announcements gave KakaoBank’s stock a boost, recent developments sparked only modest gains, suggesting investors may be waiting for more concrete progress.
Globally, interest in stablecoins is mounting. From institutional firms exploring integrations to national governments like Russia and the UAE developing their own versions, KakaoBank’s timing reflects a growing international shift toward digital currency infrastructure.
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