Circle Teams Up with Kakao and Toss for Won-Linked Digital Assets

Circle has signed memoranda of understanding (MOUs) with Kakao Group and Toss to explore won-linked digital assets and blockchain payment infrastructure in South Korea.

The deals, announced on July 23, do not commit either company to issuing a won stablecoin. The agreements are meant to supplement Circle's earlier partnerships with Korean institutions, including KB Kookmin Bank, Shinhan Bank, Hana Bank, Upbit, and Bithumb.

Circle's chief strategy officer, Dante Disparte, warned that South Korea risks falling behind on digital-asset adoption if regulatory clarity stalls. The country still lacks a stablecoin-specific framework, and domestic issuance of a won-pegged token remains illegal under current rules.