Naver Financial to launch local stablecoin wallet amid Upbit merger: report
Naver Financial is launching a local stablecoin wallet for Busan residents in collaboration with Hashed and BDAN.Summary
Naver Financial, the fintech arm of Naver, is set to launch a stablecoin wallet next month in Busan, developed with Hashed and the Busan Digital Asset Exchange (BDAN). This wallet will allow users to convert fiat currencies into a stablecoin version of the existing regional currency, "Dongbaek-jeon," which currently functions as a cashback-offering payment system. Naver Financial plans to link this new service with its existing Naver Pay Wallet, though full functionality might be delayed pending South Korea's regulatory framework for local currency-pegged stablecoins. This development occurs as Naver is reportedly merging with Dunamu, the operator of the Upbit crypto exchange, which plans to list on Nasdaq as a Naver subsidiary.
(Source：The Block)