Kakao ramps up won-based stablecoin push with new partnerships

Kakao Group is expanding partnerships with companies including Southeast Asian superapp Grab, leading Thai financial technology group SCBX and South Korea’s Kyobo Life Insurance as it prepares to build a won-based stablecoin ecosystem.

The South Korean technology group, which includes Kakao, KakaoBank and Kakao Pay, said on Wednesday it aimed to establish a value chain covering the issuance, distribution, payment and transfer of won-denominated stablecoins once the country introduces a regulatory framework for digital assets.

Kakao signed agreements with Grab and SCBX in December to explore cross-border services linking South Korea and Southeast Asia. It is discussing stablecoin issuance, distribution and regional expansion with Grab, as well as overseas payment and remittance services with SCBX.

The group has also strengthened its technology partnerships, signing an agreement with blockchain infrastructure provider Fireblocks on Tuesday after teaming up with global stablecoin issuer Circle Internet Group in July.

In South Korea, Kakao is working to develop practical uses for stablecoins across financial services. It began a proof-of-concept project with Kyobo Life in March to explore digital-asset applications in insurance, expanding beyond banking and payments.

Kakao has also worked with digital-asset company Bonanza Factory since April 2025 to improve anti-money-laundering and compliance technology.

“The competitiveness of digital assets lies not in the technology itself but in how effectively it connects with different industries,” Kakao Pay CEO Shin Won-keun said. “We will work with specialized partners to develop practical business applications.”

Kakao Bank CEO Yun Ho-young said cooperation across national and industry boundaries would be critical to bringing new financial services into everyday use.