Kakao Group (035720) is forming the "K (Kakao) Consortium" to issue a won-denominated stablecoin, joining hands with domestic and international partners including banks, entertainment companies, and global service platforms. The plan is to operate a "super wallet" that integrates various payment methods, including won-denominated stablecoins, virtual currencies, local currencies, and the Korean won.
Shin Won-geun, CEO of Kakao Pay (377300) and co-chair of the Kakao Group Stablecoin Task Force, unveiled this stablecoin strategy at the symposium titled "K-Finance Transformation through Won-Dated Stablecoins," hosted by the Korea Securities Association on the 23rd. This marks the first time the group has revealed its strategy since forming the group-wide stablecoin task force in August, which included Kakao, Kakao Pay, and Kakao Bank (323410).
Kakao plans to form a consortium to obtain approval to issue a KRW-denominated stablecoin as the first step in its stablecoin business. The strategy is to secure partners in advance so that the issuance can begin immediately after the relevant laws and regulations are finalized. CEO Shin stated, "We will work with leading companies in various sectors, including domestic and international banks and financial institutions, as well as entertainment companies, local currency issuers and operators, and global service platforms. We will build a partner group that can simultaneously meet the concerns and expectations of financial authorities."
The plan is to quickly secure domestic and international applications. At the heart of this effort is the "Super Wallet," which can accommodate a variety of payment and settlement methods based on Kakao Pay. CEO Shin explained, "With Super Wallet, we can expand use cases to various areas requiring asset movement, such as person-to-person remittances, K-culture-related payments, local traditional market transactions, and AI agent payments."
In particular, CEO Shin emphasized that greater utility can be realized when its use expands beyond Korea to the global market. For example, if you open KakaoTalk at a Japanese convenience store and scan a QR code, the KRW stablecoin in your Kakao Super Wallet will automatically be converted to the yen stablecoin JPYC based on the real-time exchange rate, allowing for payment. Trade payments using the KRW stablecoin can also operate without a credit card network, allowing for immediate settlement and significant fee benefits.
CEO Shin stated, "We will conduct a proof-of-concept (PoC) targeting existing services that can be immediately applied. We will expand real-world usage and transaction volume by linking with various vertical services, such as fan commerce for performances and tickets, and mobility platforms for taxis and valet services." He added, "If we successfully establish a KRW stablecoin ecosystem based on the 50 million KakaoTalk users, we will also be able to defend against the infiltration of dollar stablecoins."
- Reporter Park Min-joo
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