Kakao Pay and Kakao Bank Partner with Fireblocks to Begin Verification of KRW Stablecoin Project

Kakao Pay and Kakao Bank have signed a Memorandum of Understanding (MoU) with Fireblocks, a provider of digital asset infrastructure for institutional investors, to initiate the verification and proof of concept (PoC) for a South Korean won (KRW) stablecoin project.

Fireblocks has signed an MoU with Kakao Pay and Kakao Bank to build digital asset infrastructure for Korea.

The three companies will explore stablecoin distribution frameworks suited to Korea's regulatory and security requirements, then run proof-of-concept tests to validate them.

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--- Fireblocks (@FireblocksHQ) September 22, 2026

The MoU aims to build a robust on-chain infrastructure that complies with the strict regulatory and security requirements in South Korea, rather than focusing on the immediate deployment of specific payment products or commercial services.

Background and Objectives of the Partnership among the Three Companies

Kakao Pay is known for its mobile payment and diverse financial services, while Kakao Bank is recognized as one of South Korea's largest internet-only banks.

Both companies are part of the "Kakao ecosystem" and have actively explored the potential of digital assets over the past year. Through this partnership, they aim to leverage Fireblocks' technological foundation to verify whether on-chain systems can meet banking-level security management, operational reliability standards, and compliance requirements.

Fireblocks is a digital asset infrastructure provider with a proven track record of supporting over 2,500 institutions, including more than 100 banks worldwide. Shin Won-geun, CEO of Kakao Pay, and Yoon Ho-young, CEO of Kakao Bank, are co-chairs of the Kakao Group's stablecoin task force, indicating that this MoU is a core initiative in the group's overall digital asset strategy.

However, as of now, specific details regarding the service launch timeline, investment scale, and launch date have not been disclosed.

Series of Digital Asset Strategies by the Kakao Group

The partnership with Fireblocks is not an isolated move for the Kakao Group but part of a broader digital asset strategy.

In July, they also signed a separate MoU with Circle, a stablecoin issuance company, to explore blockchain-based payment infrastructure and the potential for KRW-denominated stablecoins. These initiatives are aimed at the DeFi (decentralized finance) space and are laying the groundwork for future cross-border payments and a stable distribution framework for digital assets.

Trends of Stablecoins in the South Korean Financial Sector

In South Korea, as the regulatory framework for digital assets is being developed, other financial institutions and fintech companies are also actively engaging in stablecoin-related initiatives.

KB Financial Group: In May 2026, they completed pilot operations for the issuance of KRW-denominated stablecoins, payments at offline merchants, and cross-border remittances. Toss: In July 2026, they partnered with Optimism and Sunnyside Labs to initiate a PoC for KRW-denominated stablecoin payment infrastructure.

Additionally, according to a report on the payment systems by the Bank of Korea, after the enforcement of the Virtual Asset User Protection Act, a Digital Asset Research Department was established, which is participating in legislative discussions regarding KRW-denominated stablecoins. Along with the Financial Services Commission's moves to draft a framework bill for digital assets, the South Korean financial sector is transitioning from discussions on whether to adopt stablecoins to practical verification stages such as infrastructure development and regulatory compliance.

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