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3w ago

KakaoBank Explores Won-Pegged Stablecoin Issuance and Custody Services

Following the shelving of the Bank of Korea’s CBDC pilot, the digital bank is mobilizing a Kakao Group task force to position itself under South Korea’s upcoming digital asset framework.

With south korea's cbdc plans dead, kakaobank joins stablecoin gold rush
South Korea
South Korea's KakaoBank explores stablecoin issuance and custody services

Overview

  • KakaoBank confirmed it is actively assessing both issuance and custody models for a Korean won–pegged stablecoin through its new Stablecoin Task Force.
  • The group-wide task force brings together leadership from KakaoBank, KakaoPay and Kakao Group to align banking, payments and platform capabilities.
  • Executives point to three years of real-name account issuance and robust KYC/AML monitoring as the compliance foundation for private stablecoin operations.
  • The bank’s technical expertise draws on its role in both phases of the Bank of Korea’s CBDC pilot, where it built and operated wallets, handled exchanges and remittances.
  • Regulators halted the central bank’s CBDC pilot in June and lawmakers are advancing the Digital Asset Basic Act to set capital, reserve and IT requirements for private stablecoin issuers.