South Korea’s KakaoBank advances stablecoin initiative to development stage: report
KakaoBank has moved its local currency-pegged stablecoin project into the actual development stage, evidenced by new job postings.Summary
KakaoBank, the digital banking arm of Kakao, has reportedly advanced its initiative to develop a local currency-pegged stablecoin to the actual development stage. This progress is supported by recent recruitment listings on its official website seeking blockchain service backend developers with expertise in smart contracts and token standards. Previously, KakaoBank's CFO indicated the bank was reviewing options for digital asset participation, including issuance or custody. This move follows KakaoPay filing copyright applications for several KRW-based stablecoin ticker symbols. Kakao's stablecoin efforts mirror those of rival tech giant Naver, which is reportedly launching a wallet service for a local stablecoin project in Busan. Both companies aim to leverage their massive user bases to drive growth in digital finance, a sector gaining political attention as South Korean President Lee Jae Myung seeks to establish a Korean won-stablecoin market to protect monetary sovereignty. However, legislative progress remains stalled, complicated by the Bank of Korea's insistence that only registered banks should issue such stablecoins.
(Source：The Block)