South Korean Tech Giant Kakao’s Digital Bank KakaoBank Aims to Become a Key Player in Stablecoin Market
KakaoBank, the digital banking arm of South Korean tech giant Kakao, has announced that it is preparing to become a key participant in the stablecoin market.
According to multiple reports from South Korean media, KakaoBank’s Chief Financial Officer Kwon Tae-hoon stated at the financial report conference for the first half of 2025 that the company is currently evaluating various options related to the digital asset ecosystem, including the issuance and custody of digital assets.
Kwon pointed out that the pure online bank is collaborating with the stablecoin project team within the Kakao Group to make relevant preparations. He added:
He also noted that KakaoBank has participated in the central bank digital currency (CBDC) trials initiated by the Bank of Korea, handling functions such as digital wallets, transactions, and remittances.
KakaoBank is evidently preparing for the impending rise of the Korean won stablecoin market. This year, newly elected South Korean President Lee Jae-myung pledged to promote a stablecoin market based on the national currency to prevent capital outflow. Members of the ruling party have already submitted draft legislation to establish a fundamental regulatory framework for the Korean won stablecoin.
In June of this year, Kakao’s mobile payment service Kakao Pay submitted 18 trademark applications to the Korean Intellectual Property Office, specifically including “KRWKP,” “KWRP,” and “KPKRW.” These trademarks are classified under virtual asset financial transaction services, electronic transfer services, and brokerage services.
Other private sector players are also responding to the trend of stablecoin development, with several financial institutions, including South Korean internet giant Naver and KB Kookmin Bank, planning to promote related businesses.
Reports indicate that KakaoBank has also stated that it added nearly 1 million users in the first half of 2025, bringing its total user count to 25.86 million, which accounts for about half of the national population.
