KakaoBank reportedly begins developing proprietary stablecoin

KakaoBank has begun developing a so-called Kakao Coin, NewsPim reported in an exclusive story. The move reportedly marks a shift from a group-level review of a won-denominated stablecoin project to the actual system development phase. This development follows the acquittal of Kakao founder Kim Beom-su last month in his first trial on charges of violating the Capital Markets Act. According to the report, with Kim's legal risks resolved, the company is now executing its stablecoin strategy with its key affiliate, KakaoBank, at the forefront.