Kaia Blockchain, born from the merger of Kakao Klaytn and Line Pincia, has announced 'Project Unify', a stablecoin-based financial platform targeting the entire Asia, in collaboration with Line Next.
The platform provides payment, remittance, monetization, and access to over 100 dApps within the LINE messenger, which has approximately 200 million users. It is scheduled to launch a beta service later this year.
The project's core goal is to integrate the fragmented payment systems of Asian countries. Currently, remittances within Asia pass through multiple intermediaries, incurring high fees and long processing times. The strategy is to address this issue with a blockchain-based stablecoin.
Kaia DLT Foundation Chairman Sangmin Seo stated, "We will build a platform that enables asset transfers and staking with just a simple text message." The platform supports stablecoins pegged to major Asian currencies, including the Korean won, Japanese yen, baht, rupiah, and peso.
Kakao has already applied for four trademarks related to won-linked stablecoins, including 'KRWGlobal' and 'KaKRW', demonstrating its intent to dominate the market.
However, regulatory uncertainty is a variable. South Korea plans to draft a stablecoin regulatory bill in October, but key issues, such as whether to pay interest on stablecoin deposits, are still under discussion.
The industry sees this project as a strategy that circumvents user acquisition, the biggest obstacle to existing blockchain services. This is because DeFi services can be seamlessly experienced through everyday messengers without installing new apps.
