Circle Taps into Korea with Kakao Group and Toss Deals

Circle has been making moves in South Korea, signing memorandums of understanding (MOUs) with Kakao Group and Toss to explore opportunities for USDC and Circle's global payment infrastructure.

The agreements aim to connect Circle's blockchain and payment systems with Kakao's consumer platforms and financial services, as well as Toss's digital wallets and programmable payments.

While some speculate that Circle might issue a Korean won stablecoin, the company has repeatedly ruled out this possibility, citing its focus on providing the underlying technology for future KRW tokens instead of issuing them itself.

The Korea Digital Asset Basic Act has stalled in the National Assembly due to disagreements over who should be allowed to issue won-backed digital assets, with banks pushing for majority control and fintechs arguing for a more open framework.