Naver, Samsung Join Forces on Stablecoin Payments Amid Regulatory Uncertainty

South Korea's antitrust watchdog has cleared Mirae Asset Group's acquisition of Korbit, allowing the country's first takeover of a cryptocurrency exchange by an affiliate of a financial conglomerate. This move stands in contrast to Naver Corp.'s stalled review for its planned merger with Dunamu, the operator of Upbit, South Korea's largest crypto exchange.

Naver Corp., however, has made other moves in the fintech space. It partnered with WeChat Pay to offer a QR code mobile payment and digital wallet service across China using Naver Pay.

In related news, Samsung Electronics Co., Shinhan Financial Group, and Dunamu Inc. are teaming up with a global federation seeking an early foothold in cross-border payments through what they see as the next layer of stablecoins.