According to Techub News and reported by ZDNet Korea, South Korean IT giant Kakao's banking division KakaoBank is accelerating plans to offer stablecoin services. KakaoBank's Chief Financial Officer Kwon Tae-hoon stated during the company's earnings call in the first half of 2025 that the company is "evaluating various methods including issuance and custody" and "plans to actively participate in the digital asset ecosystem." Kwon Tae-hoon added that the plan is being advanced in collaboration with Kakao's stablecoin working group, which includes senior leaders from its core subsidiaries (such as KakaoPay).
KakaoBank applied for a trademark related to stablecoins on June 23, in synchronization with its competitor Kookmin Bank under KB Financial Group. Additionally, eight other major South Korean banks plan to launch stablecoins pegged to the Korean won by 2026.