South Korea’s Stablecoin War Heats Up As Tech Giants Race To Challenge Dollar Dominance
South Korea’s race to build a Korean won-pegged stablecoin escalated today as KakaoBank signaled a move from planning to active development, while rival tech giant Naver officially confirmed a $10.3 billion merger with the nation’s largest crypto exchange.
The stakes extend far beyond corporate competition. South Korea is mounting one of Asia’s most aggressive challenges to U.S. dollar hegemony in digital finance, with nearly every citizen potentially gaining access to won-stablecoins through platforms they already use daily.
Tech Giants Advance Infrastructure
KakaoBank Corp. (KRX: 323410) began recruiting blockchain developers today, signaling its stablecoin project has entered the build phase. Job postings on the bank’s official website seek expertise in smart contracts and token standards. KakaoPay filed 6 copyright applications in June for stablecoin ticker symbols including PKRW, KKRW, and KRWP. With 42 million members in a country of 51.7 million people, KakaoPay’s reach could enable rapid nationwide adoption.
Rival tech giant Naver officially confirmed today it completed a stock swap merger with Dunamu, operator of Upbit, South Korea’s dominant cryptocurrency exchange. NaverPay serves 30 million monthly users, …
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