Kakaobank is preparing to enter South Korea’s fast-growing Stablecoin sector, According to local reports.
Kakaobank CFO Kwon Tae-hoon said in a first-half revenue call on Tuesday that the company is “actively considering” its role in Stablecoin issuance and custody, and its participation is aligned with the country’s changing digital asset policies.
“We plan to actively participate in market changes,” said Kwon, adding that Kakaobank’s internal task force is working with other Kakao units to merge the strategy.
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This move adds regulated online banks to South Korea’s Korean banks and jumps to the Stablecoin competition’s Korean fintech list (bok) The central bank’s digital currency has been shelved (CBDC) Pilot in June.
This project, AS Coindesk previously reported President Lee Jae-Myung reached a test phase with commercial banks after submitting legislation that could issue stable locally and suddenly stopped.
Quan emphasized Kakaobank’s technical readiness and noted that the company has been involved in two phases of the now-planned BOK pilot.
“We build and operate wallets, handle communications and transfers,” he said, noting that most companies in the industry have not claimed operational experience.
He also cited three years of compliance work to issue real-name accounts on crypto exchanges, allowing banks to start implementing the kind of KYC and AML Frameworks regulators may require the use of Fiat-Peggggged tokens.
Kakaobank is part of the Stablecoin-centric contingent in the Kakao ecosystem, working with Kakaopay and parent groups. CEO Chung Shin-ah (cocoa)Shen won (kakaopay)and Yoon Ho-Young (kakaobank) Leader initiative.
Stablecoin Pivot ignited a wave of speculation and retail activity in the Korean market. Circle Stock was launched in June and became The most purchased foreign equity Among Korean retail investors.
This move is parallel to the Stablecoin program in Hong Kong. Where local companies line up After the People’s Bank of China’s CBDC interest, the issuance license failed to be realized.
