South Korean KakaoBank is exploring opportunities for the issuance and custodial storage of stablecoins. The company has already filed an application for trademark registration.
KakaoBank is following the pro-cryptocurrency course of President Lee Jae-myung. Under his leadership, the country has begun preparations for a law on the legalization of stablecoins.
KakaoBank has 25.9 million users (half the population of the country). The company has experience working with digital wallets, KYC/AML practices, and operations with the Bank of Korea's CBDC pilot. These projects could provide KakaoBank with a solid foundation for launching won-based stablecoins.
