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KakaoBank has advanced its Korean won stablecoin project into the development stage.
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The bank is hiring engineers with blockchain and smart contract experience.
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Kakao and rival Naver are both preparing stablecoin strategies to expand in digital finance.
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The race accelerates as the Korean government pushes for a local stablecoin ecosystem.
Stablecoin Project Enters Development
KakaoBank has moved its local currency stablecoin initiative from review to full development, according to a Newspim report. The bank’s official website now lists new backend engineering roles requiring smart contract knowledge, full node experience, and familiarity with token standards. This confirms that the project has advanced beyond early planning.
Strategic Move in Digital Finance
KakaoBank’s leadership has been open about exploring new digital asset opportunities, including issuing or custodying digital assets. Earlier this year, Kakao’s financial units formed a stablecoin task force to prepare for a larger expansion into digital money services.
Rivalry With Naver Intensifies
The move positions KakaoBank directly against Naver, which is preparing its own wallet for a local stablecoin pilot in Busan. Both companies operate major payments platforms, giving them tens of millions of users. KakaoPay counts 42 million members, while NaverPay reaches 30 million monthly users.
Government Push for Won Stablecoins
South Korea’s new administration has made a Korean won stablecoin market a priority. Lawmakers have proposed frameworks to enable local issuance, although progress has been slow due to disagreements between regulators and the central bank. The Bank of Korea insists that only registered banks should issue won stablecoins, creating tension with private sector players.
