Kakao Pay and KakaoBank Join Forces with Fireblocks on Korean Stablecoin Infrastructure
Kakao Pay and KakaoBank have partnered with Fireblocks to explore the development of Korean stablecoin infrastructure. The two companies signed a memorandum of understanding on September 21, which outlines their collaboration in assessing market needs and conducting proof-of-concept tests for digital-asset solutions.
The agreement focuses on stablecoins as the primary focus of the partnership, but it does not commit to launching any specific product or service. Instead, the partners will evaluate infrastructure conditions and testing requirements that meet local regulatory, security, and service standards.
Fireblocks brings its institutional digital-asset infrastructure expertise to the table, having already been deployed by over 2,500 institutions, including more than 100 banks, and supporting activity across over 200 blockchains. The company's figures indicate the scale of its existing platform, but do not imply a similar scope for the proposed Korean initiative.
The partnership follows Kakao Group's earlier memorandum with Circle in July 2026, which explored blockchain-based payment infrastructure and potential won-denominated stablecoin services. However, this agreement specifically addresses supporting infrastructure for domestic digital-asset distribution, rather than deploying any specific product or service.