KakaoBank Advances KRW-Pegged Stablecoin Project Amid Broader Crypto Push
South Korea’s KakaoBank has moved into the development phase for its won-pegged stablecoin, signaling a strategic pivot toward blockchain-based financial services. The firm is recruiting blockchain backend developers with expertise in smart contracts and token standards, underscoring its commitment to building proprietary infrastructure.
The initiative aligns with parent company Kakao Group’s formation of a stablecoin task force, which holds weekly strategy sessions. CFO Kwon Tae-hoon confirmed the bank’s entry into the stablecoin market during its August earnings call, citing growing institutional demand for regulated digital assets.
Separately, KakaoBank is exploring security token offerings (STOs), leveraging its existing fintech infrastructure. The moves position the firm to capitalize on South Korea’s progressive crypto regulations and the global trend of traditional financial institutions adopting blockchain technology.
