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KakaoBank has shifted its Korean won-pegged stablecoin project into active development, posting job openings for blockchain engineers skilled in smart contracts and full-node operations. This is a clear signal of execution amidst founder Kim Beom-su’s recent acquittal which cleared him and the firm of prior regulatory hurdles.
The digital arm of Kakao Corp. confirmed the move on its website, announcing it was hiring backend developers to integrate stablecoin tech into its ecosystem.
CFO Kwon Tae-hoon had earlier teased the plans during August’s H1 earnings call, noting reviews of issuance, custody, and digital asset services. KakaoPay’s June filings for tickers like PKRW and KKRW, which combine “Kakao” and “KRW”, now appear poised for use backed by a group-wide task force formed earlier this year.
This comes as rival Naver Financial finalizes a merger with Upbit’s parent Dunamu, valued at $13.8 billion, with board votes set for November 26 and a potential Nasdaq IPO targeting $34 billion post-listing. Naver Pay, with 30 million monthly users, plans a Busan-based stablecoin wallet tied to the deal, merging it with Upbit’s $2.1 billion daily volume for a “super app” bridging payments and crypto.
President Lee Jae-myung’s pro-stablecoin agenda aims to counter USD dominance, but the Bank of Korea insists only licensed banks can issue KRW tokens, sidelining non-banks amid stalled legislation. KakaoBank’s commercial bank status therefore, gives it an edge, potentially capturing 42 million KakaoPay users for seamless on-ramps.
Bitcoin traded at $87,604 on November 26, up 0.25% amid rebound hopes. These moves could inject billions into local stablecoins, but regulatory bottlenecks risk delaying launches until 2026. It remains to be seen if 2026 will indeed be the year of stablecoins.
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