Kakao, KakaoPay Team Up With Circle on July 23 to Explore Korean Won Stablecoin

Kakao4.64%
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According to Chosun Daily, Kakao, KakaoPay, and KakaoBank signed a strategic business agreement with Circle Internet Group on July 23 to explore won-pegged digital assets and blockchain payment services. The companies said they will review the feasibility of won-linked digital assets and discuss using Circle's infrastructure for overseas payments and remittances. South Korea currently lacks a stablecoin-specific regulatory framework, with domestic won stablecoin issuance illegal under existing rules, though several regulatory bills remain under review to potentially clarify which entities can issue such assets.
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