Kakao Group is teaming up with global stablecoin company Circle to expand its digital asset business, including a won-based stablecoin. The partnership aims to jointly build a blockchain-based financial infrastructure for payments, remittances, and settlements, establishing a Korean digital asset ecosystem.
On July 23, Kakao, Kakao Pay, and Kakao Bank announced that they have signed a strategic memorandum of understanding (MOU) with Circle Internet Group.
The two companies plan to combine Kakao's platforms and financial services, such as KakaoTalk, Kakao Pay, and Kakao Bank, with Circle's blockchain and global payment technologies to explore opportunities for a won-based stablecoin and digital asset initiatives.
Specifically, they will utilize Circle's payment infrastructure to enhance payment and settlement systems, examine global payment and overseas remittance options, and ensure interoperability between blockchain networks and existing financial systems.
Kakao Group aims not only to develop a won-based stablecoin but also to create a foundation for various domestic businesses to implement stablecoin-based services.
Shin Won-geun, CEO of Kakao Pay and co-chair of the group’s stablecoin task force, stated, "Based on our accumulated experience in platforms, payments, and financial services, we will proactively prepare a Korean digital asset ecosystem in collaboration with Circle and set new standards for future financial infrastructure."
On July 23, Kakao, Kakao Pay, and Kakao Bank announced that they have signed a strategic memorandum of understanding (MOU) with Circle Internet Group.
The two companies plan to combine Kakao's platforms and financial services, such as KakaoTalk, Kakao Pay, and Kakao Bank, with Circle's blockchain and global payment technologies to explore opportunities for a won-based stablecoin and digital asset initiatives.
Specifically, they will utilize Circle's payment infrastructure to enhance payment and settlement systems, examine global payment and overseas remittance options, and ensure interoperability between blockchain networks and existing financial systems.
Kakao Group aims not only to develop a won-based stablecoin but also to create a foundation for various domestic businesses to implement stablecoin-based services.
Shin Won-geun, CEO of Kakao Pay and co-chair of the group’s stablecoin task force, stated, "Based on our accumulated experience in platforms, payments, and financial services, we will proactively prepare a Korean digital asset ecosystem in collaboration with Circle and set new standards for future financial infrastructure."
* This article has been translated by AI.
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