Kakao unveils plan for KRW stablecoin for everyday use

Kakao Group has unveiled a business plan to establish a won-denominated stablecoin as part of everyday financial infrastructure and proposed forming a consortium with domestic and overseas financial institutions and companies to jointly design the ecosystem, Yonhap News Agency reported. At the opening keynote of the Next Finance Korea event held on Sept. 28 in Seoul’s Gangnam district, KakaoBank CEO Yoon Ho-young, who also serves as co-head of Kakao Group’s stablecoin task force, identified three key priorities for digital financial transformation: expanding distribution of won-denominated stablecoins, building digital-asset-based payment and settlement infrastructure, and creating a sustainable ecosystem through corporate collaboration. Son Kyung-hee, senior vice president in charge of KakaoPay’s digital asset group, said the goal of Kakao Group’s digital asset business is to make won-denominated stablecoins easy to use in everyday services people use daily.