A three-stage roadmap is presented: "Consortium → Super Wallet → Full-Stack Value Chain."
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(Source: Kakao Pay)
Kakao Pay has unveiled its first financial service blueprint targeting the era of won-denominated stablecoins. With legislation approaching, the competition for leadership between banks and big tech companies is intensifying.
CEO Shin Won-geun announces "Next Finance" strategy.
According to the financial sector on the 23rd, Shin Won-geun, CEO of Kakao Pay and head of the Kakao Group Stablecoin Joint Task Force (TF), announced Kakao's "Next Finance" strategy at the "K-Finance Transformation through Won Stablecoins" symposium held the previous day.
This symposium drew significant attention from the industry, taking place at a time when the competition for leadership between banks and big tech companies is intensifying ahead of the legalization of won-denominated stablecoins. In particular, with banks considering forming stablecoin consortia and establishing joint ventures, Kakao Pay's presentation of a concrete roadmap at an official event has sharpened the competitive landscape.
A three-stage roadmap: "Consortium → Super Wallet → Full-Stack Value Chain."
The roadmap presented by CEO Shin is a three-stage structure that leads to 'consortium-super wallet-full-stack value chain.'
In Phase 1, the plan is to establish a consortium that simultaneously addresses regulatory concerns and expectations of financial authorities and create initial use cases for won-denominated stablecoins. This is interpreted as a strategy to secure stability and reliability through a collaborative system rather than through independent entry.
In Phase 2, a "super wallet" will be built, storing fiat currencies, stablecoins, cryptocurrencies, and local currencies in a single wallet. This will expand real-world applications, including person-to-person remittances, K-pop and K-culture payments, and transactions at local traditional markets.
Phase 3 involves completing a full-stack value chain that utilizes a blockchain-based W2W (Wallet-to-Wallet) architecture to process cross-border remittances, payments, and B2B settlements in real time. Through this, Kakao Pay aims to expand beyond Korea to encompass a global payment and remittance infrastructure.
Banks are also pushing for consortium formation, with fierce competition for leadership.
The banking sector is also accelerating its response to the institutionalization of stablecoins. According to financial sources, major banks are forming stablecoin consortia, jointly establishing joint ventures, and internally pursuing proof-of-concept (PoC) initiatives.
While banks emphasize stability based on their existing financial infrastructure and regulatory experience, Kakao Pay emphasizes usability and scalability, leveraging its user base of over 50 million and its easy payment ecosystem.
A financial industry official said, "The won stablecoin will be a new turning point for digital finance," and added, "How the stability of the banking sector's infrastructure and the user base of big tech companies play a role will be a key variable in the future competition in domestic digital finance."
The industry expects the legalization of the Korean Won stablecoin to take place within the first half of 2026, which will likely intensify the competition for leadership between banks and big tech companies.
Lee Jeong-seop ljs842910@blockstreet.co.kr
