[Edaily Reporter Kim Hyun-ah ] #Kakao Group has partnered with global stablecoin firm Circle to build next-generation digital asset infrastructure, including a won-backed stablecoin. As efforts to institutionalize digital assets in South Korea gain momentum, the company has entered the race for leadership by leveraging its platforms and financial services.

Kakao Group—comprising Kakao, kakaopay, and KakaoBank Corp.—announced on the 23rd that it has signed a strategic memorandum of understanding (MOU) with global fintech firm Circle Internet Group to pursue cooperation in blockchain-based payment infrastructure and digital asset technology.

The core of this collaboration is to combine Circle’s blockchain technology and global payment infrastructure capabilities with the Kakao Group’s digital platform and financial services ecosystem. The two companies plan to explore various business opportunities—including won-denominated digital assets, stablecoins, and tokenized financial services—in accordance with the domestic regulatory environment.

Stablecoins are digital assets pegged to the value of a specific fiat currency and are gaining attention as next-generation financial infrastructure that enables faster payments and settlements, as well as lower-cost international remittances, compared to the existing financial system.

The two companies will first explore ways to enhance payment and settlement systems and expand blockchain-based financial services. They will examine various areas of application, including global payments, international money transfers, merchant settlements, and integration between blockchain networks and existing financial systems.

Through this collaboration, Kakao Group aims to establish a foundation for expanding its digital asset ecosystem by linking the platform competitiveness centered on KakaoTalk with the financial services of kakaopay and KakaoBank Corp.

In particular, the group plans to contribute to the establishment of an open digital asset infrastructure that allows various domestic companies—rather than just specific operators—to participate once the Korean won-pegged stablecoin market takes off in earnest.

In the global market, competition in payments and financial services utilizing stablecoins is already in full swing. Circle operates the dollar-backed stablecoin “USDC” and is expanding its influence in the global digital asset payment infrastructure market.

Kash Rajaji, Circle’s Chief Commercial Officer (CCO), stated, “South Korea is one of the leading nations in the global digital market and possesses a strong foundation for financial innovation,” adding, “We will combine Circle’s global infrastructure with Kakao Group’s platform and financial services ecosystem to seek innovation opportunities that align with the regulatory environment.”

Shinwon Geun, CEO of kakaopay and co-head of the Group’s Stablecoin Task Force, remarked, “Competitiveness in digital assets cannot be achieved through technology alone.” He added, “Based on our experience in platforms, payments, and financial services, we will proactively prepare a Korean-style digital asset ecosystem in partnership with Circle and establish new standards for future financial infrastructure.”

Meanwhile, CEO Shin will participate as a Korean speaker at “Current Seoul,” a Circle networking event taking place in Seoul today, where he will hold a panel discussion with Yam Ki Chan, Circle’s Vice President of Strategy and Policy for Asia-Pacific, on the topic “The Korean Crypto Market at an Inflection Point.”