KakaoBank, the banking arm of South Korean IT giant Kakao Corporation, intends to actively develop services related to stablecoins amid regulatory changes following the election of a new president.
KakaoBank's Stablecoin Plans
KakaoBank's CFO Kwon Tae-hoon stated during a recent earnings call for the first half of 2025 that the company is reviewing various methods such as issuance and custody of stablecoins. Plans are being spearheaded by Kakao's Stablecoin Task Force, which includes top leadership from key subsidiaries like KakaoPay.
Experience and Investments in Digital Assets
Kwon noted that KakaoBank already has experience in digital assets, having successfully conducted wallet openings and exchanges. The bank has also participated in the Bank of Korea's central bank digital currency experiment. "For the past three years, we have been issuing real-name verified accounts for virtual assets and have implemented measures related to anti-money laundering," he added.
Stablecoin Market and Global Trends
KakaoBank filed for stablecoin-related trademarks simultaneously with competing Kookmin Bank. Other major South Korean banks are also planning to launch their own Korean won-pegged stablecoins. As interest in stablecoins grows worldwide, many companies and even countries are exploring the use of these digital assets.
KakaoBank is actively advancing its plans in the stablecoin sector, aligning with the growing interest in digital assets both locally and globally.
