Kakao Pay has launched a Korean won stablecoin project and filed 18 related trademarks, including “KRWKP” and “KWRP,” with the Korean Patent Office.

The move comes as South Korea promotes the “Basic Law on Digital Assets,” which would legalize private issuance of KRW stablecoins. Game company Nexusth also aims to be the first KRW stablecoin issuer.