Circle and Kakao Partner to Explore Stablecoin Payments in South Korea

Circle and Kakao Group have signed a memorandum of understanding to study stablecoin payments, cross-border transfers, and digital asset services in South Korea.

The agreement, announced on July 23, covers Kakao, Kakao Pay, and Kakao Bank. The companies will assess the use of USDC and won-backed stablecoins.

KakaoTalk reaches about 93% of the South Korean population, giving any future Circle integration access to users across payments, banking, messaging, and gaming.

Circle Chief Strategy Officer Dante Disparte has argued that South Korea needs to combine digital asset technology with existing payment networks. The agreements with Kakao and Viva Republica place Circle close to two of the largest consumer finance platforms in the country.