Kakao Seeks to Bring Won Stablecoins to Everyday Payments with Industry Partnership

Kakao Group is pushing forward with its plan to bring won-denominated stablecoins into everyday use, including remittances and payments. The company has secured technology for stablecoin issuance and distribution and has been working on demonstrations with global companies such as Circle.

The goal of Kakao's digital asset business is to make won stablecoins easy to use in everyday services, according to Son Kyung-hee, executive vice president and head of Kakao Pay's Digital Asset Group. To achieve this, the company is proposing an open cooperative framework involving domestic and overseas financial institutions and companies.

Kakao has been reviewing its new business since last year and has now moved into a stage of testing whether the services can be applied in practice. The company has designed its business structure around four areas: issuance, distribution infrastructure, user channels, and real-world use cases.