Kakao, a South Korean payment service provider, announced the official launch of the "Korean won stablecoin" business

Kakao Pay said that although "the specific plan has not been determined yet", this is "pre-registration of trademark rights for stablecoin business". Industry insiders believe that Kakao Pay's move is to seize the market, especially against the background of the proposed Basic Law on Digital Assets by South Korean politics, which will allow private enterprises to issue won stablecoins.