Kakao Pay Pursues Won-Pegged Stablecoin Consortium with South Korean Banks

Kakao Pay, the fintech arm of South Korea's leading messaging giant Kakao, has initiated exploratory discussions with major commercial banks to form a consortium for a won-pegged stablecoin. According to a report from the Seoul Economic Daily, the move signals a significant step toward institutional involvement in the country's evolving digital currency landscape.

The banks reportedly engaged in early-stage talks include BNK Financial Group and JB Financial Group. A high-level industry official familiar with the matter stated that Kakao had prepared a meeting with multiple banks to outline the project's vision, technical challenges, and future research directions. A Proof of Concept (PoC) involving interested financial institutions was also discussed as a next step.

The move could pave the way for broader adoption of blockchain-based financial services in South Korea. The involvement of major commercial banks would represent a shift toward institutional legitimacy and add credibility to the stablecoin initiative. Kakao Pay already operates a range of financial services, including payments, lending, and insurance, with over 40 million registered users.