Kakao Accelerates Stablecoin Plans as Naver Moves to Merge With Upbit Operator

Kakao Bank, reportedly led by founder Kim Beom-su, is accelerating the development of its planned stablecoin, "Kakao Coin," by building necessary blockchain infrastructure to leverage its vast user base. This development occurs as South Korea's National Assembly considers stablecoin bills that could significantly alter the digital finance sector. Simultaneously, Naver is moving to finalize a merger with Dunamu, the operator of Upbit, South Korea's largest crypto exchange, through an equity swap. This 20 trillion won deal unites Naver's payment infrastructure with Dunamu's crypto expertise, potentially enabling instant stablecoin distribution on Naver platforms and positioning the combined entity as a major issuer once regulations are clear. The proposed legislation mandates strict reserve requirements (100% cash or sovereign bonds) and public blockchain issuance, but regulatory uncertainty remains a key hurdle for both Kakao and the Naver-Dunamu partnership.

(Source：BeInCrypto)