Overview
- KakaoBank has moved its Korean won‑pegged stablecoin from review to active development, according to local reports.
- The bank opened roles for blockchain backend developers to design smart contracts, manage keys, run full nodes, and build transaction processing systems.
- Technical work targets on‑chain issuance and management of a KRW stablecoin alongside tokenized securities capabilities.
- Local media also report partnerships with Korea Investment & Securities and Lucent Block to develop STO products as South Korea readies an STO market for the first half of 2026.
- Competition is intensifying as Naver develops a local stablecoin wallet in Busan and pursues closer ties with Upbit operator Dunamu, while policy friction between the FSC and the Bank of Korea could delay final stablecoin rules.