Kakao & Naver Change Collaboration Accelerates South Korea’s Stablecoin Development!

Jakarta, Pintu News – Kakao Bank, under the leadership of its founder Kim Beom-soo, has accelerated its stablecoin development, while Naver is finalizing a merger with Dunamu, the operator of Upbit, South Korea’s largest crypto exchange. The move comes amid a legislative push that could change the country’s digital finance map.

Cocoa Accelerates Stablecoin Development

Kakao Bank is building the blockchain infrastructure for its planned stablecoin, “Kakao Coin”. With a large user base across platforms such as messaging, banking, and payments, Kakao is ambitious to drive the adoption of stablecoins. Kim Beom-su, founder of Kakao, who was recently acquitted of market manipulation charges, is leading the project.

Amid the increasing use of stablecoins globally, Kakao is trying to position itself as a major issuer despite regulatory uncertainty. According to a TRM Labs report, stablecoins account for 30% of all on-chain crypto transactions by 2025, with record volumes in August 2025. However, regulatory uncertainty in South Korea means that Kakao must move quickly amidst competition.

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Naver-Dunamu Merger Changes Competition

Naver Financial and Dunamu will hold their respective board meetings on Wednesday to approve a share swap that will make Dunamu a full subsidiary of Naver. The 20 trillion won merger will combine Naver’s payment infrastructure (with an annual payout of 80 trillion won) with Upbit.

Song Chi-hyung, founder of Dunamu, will receive a 30% stake, while Naver’s stake is reduced to 17%. The merger is expected to enable instant stablecoin distribution on Naver’s platform and utilize Dunamu’s regulatory experience. Analysts predict that once legislation is clear, this partnership could help Naver-Dunamu become a major issuer of won-backed stablecoins.

Legislative races shape the future of regulation

Regulation remains a major obstacle. Kim Byung-kee, Democratic Majority Leader, has proposed the “Stable Virtual Asset Issuance and User Protection Act”. The bill requires a reserve of 100% cash or government bonds, a 3% contingency fund, and issuance on public blockchains such as Ethereum (ETH) or Solana (SOL).

In addition, the bill sets a ten-day redemption window and strict limits on interest or economic gains. International issuers such as Tether (USDT) or Circle must register and obtain a license to operate in South Korea. The Financial Services Commission handles licensing, while the Bank of Korea monitors risks.

Conclusion

Regulatory clarification will determine whether Kakao and Naver-Dunamu can bring stablecoins into Korean finance, or if these projects remain in the testing phase as global adoption continues. With more than a dozen bills under review by the Assembly, disputes between regulators could cause more delays.

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FAQ

Q1: What are stablecoins?

A1: A stablecoin is a type of cryptocurrency whose exchange rate is linked to a stable asset such as a fiat currency or gold to reduce price volatility.

Q2: Who is Kim Beom-su?

A2: Kim Beom-su is the founder of Kakao Bank, which is now leading the development of the stablecoin “Kakao Coin”.

Q3: When is the Naver and Dunamu merger scheduled to be approved?

A3: The board meeting to approve the merger of Naver and Dunamu is scheduled for Wednesday, with no specific date mentioned in the article.

Q4: What is the “Stable Virtual Asset Issuance and User Protection Act”?

A4: This is a draft law in South Korea that aims to regulate the issuance of stablecoins with provisions such as 100% cash reserves or government bonds and issuance on a public blockchain.

Q5: How will the merger of Naver and Dunamu affect the crypto market in South Korea?

A5: The merger is expected to strengthen Naver’s position as a major player in digital and crypto payments, as well as enable more efficient distribution of stablecoins through their platform.

Reference

• BeInCrypto. South Korea Stablecoin Market Kakao Naver. Accessed on November 27, 2025