Korean digital bank KakaoBank enters the stablecoin market, collaborating with the government to establish a Korean won stablecoin ecosystem

ChainCatcher news, according to The Block, South Korea's digital banking giant KakaoBank revealed at its earnings report conference that it is actively preparing to enter the stablecoin market, planning to participate in digital asset issuance or custody services, and working closely with the Kakao Group's stablecoin task force.

The bank emphasizes its technological and risk control advantages, leveraging its experience in providing real-name accounts and KYC/AML monitoring for cryptocurrency exchanges. This move responds to South Korean President Yoon Suk-yeol's policy to promote the Korean won stablecoin market, aiming to prevent capital outflow. Kakao's subsidiary KakaoPay has already submitted a trademark application for stablecoins, while KakaoBank's operating profit in the first half of the year reached $254 million, with its user base covering nearly half of South Korea's population.