South Korean banking giant, KakaoBank, to launch Stablecoin operations domestically
KakaoBank to Explore Stablecoin Market and Custody Services
South Korean digital bank KakaoBank has announced its intentions to enter the stablecoin market, according to a report by a local publication. During the presentation of KakaoBank's 2025 first-half results, Kwon Tae-hoon, the Chief Financial Officer, confirmed the bank's consideration of issuing stablecoins and custody services.
The stablecoin initiative is being developed in collaboration with Kakao's Stablecoin Task Force, a group that includes executives from KakaoPay and other key subsidiaries. However, it is not clear if this entry into the stablecoin market is directly related to accessing specific financial markets such as NASDAQ, London Stock Exchange, and Tokyo Stock Exchange.
KakaoBank's services can provide access to more than 50 financial markets worldwide, but it is not specified how or when they will provide access to these markets through their stablecoin offerings. It is also not mentioned if the access to these markets is exclusive to their stablecoin services.
The move by KakaoBank could be influenced by the crypto-friendly legislation in South Korea, as the country is currently moving forward with such legislation. A bill to legalize stablecoins is being considered, and the plan to enter the stablecoin market was announced after the election of President Lee Jae-myung, a supporter of cryptocurrencies.
However, there is no available information on the planned introduction date of stablecoins by KakaoBank or the current status of legislation for legalizing stablecoins in South Korea based on the provided search results. It is also not specified if the bill to legalize stablecoins is directly related to KakaoBank's entry into the market.
As the digital banking landscape continues to evolve, KakaoBank's foray into stablecoins and custody services adds another layer of intrigue to the industry. With the potential to offer more accessible and streamlined financial services, it will be interesting to see how KakaoBank's stablecoin initiative unfolds.
