BlockBeats news, on June 23, according to a report from the Seoul Economic Daily, South Korean payment giant Kakao Pay has officially launched its won stablecoin business. The company applied for 18 trademark rights to the Korean Patent Office on June 17, which combine the symbol "KRW" (Korean won) with letters representing Kakao Pay, such as "K" and "P", like "KRWKP", "KWRP", and "KPKRW". These trademarks are classified under virtual asset financial transactions, electronic transfers, and intermediary services.
Kakao Pay stated that although "specific plans have not yet been determined", this is a "pre-registration of trademark rights for stablecoin business". Industry insiders believe that Kakao Pay's move is to seize the market, especially against the backdrop of the South Korean government's proposal of the (Digital Asset Basic Law), which will allow private enterprises to issue won stablecoins. Additionally, game company Nexus revealed its ambition to become the first issuer of won stablecoins in an interview with the (Seoul Economic Daily) on the same day.