Kakaobank is developing a won-pegged stablecoin, hiring blockchain talent, and preparing for security token offerings amid South Korea’s new legislation.
- Kakaobank is building blockchain infrastructure for a “Kakao Coin” stablecoin and hiring backend developers with smart contract expertise.
- The bank plans to launch security token offerings (STO), partnering with Korea Investment & Securities and Lucent Block.
- New South Korea laws pave the way for STO market growth, while rivals Naver and Dunamu advance their own stablecoin and digital wallet strategies.
South Korean digital bank KakaoBank has entered the development phase for a won-pegged stablecoin called “Kakao Coin,” according to local media reports.
The bank is establishing blockchain infrastructure for the digital currency and has opened recruitment for blockchain service backend developers, the company announced. The position requires expertise in smart contracts and token standards.
The recruited developer will be responsible for designing blockchain-based service structures, managing cryptographic keys, and building transaction processing systems, according to the job posting. A KakaoBank official stated the recruitment aims to supplement human resources for research on blockchain and stablecoin technologies and to examine their applicability to financial services.
Kakaobank and the won-backed stablecoin integration
KakaoBank Chief Financial Officer Kwon Tae-hoon announced during the bank’s first-half 2025 earnings call in August that the firm is entering the stablecoin market. Kakao Group, the parent technology company, has formed a stablecoin task force and is conducting weekly strategy discussions, according to local media reports. The bank is reviewing various approaches, including the issuance of a won-backed stablecoin and digital asset custody services.
KakaoBank is also planning a security token offering (STO) utilizing blockchain technology, the report stated. The bank has signed partnerships with Korea Investment & Securities and Lucent Block to develop blockchain-based STO financial products and systems.
The development follows South Korea‘s recent legislative amendments to the Electronic Securities Act and the Capital Markets Act, which establish the framework for an STO circulation market scheduled to open in the first half of 2026.
South Korea’s financial industry estimates the security token offerings market could reach $287 billion by 2030. The stablecoin development activity in South Korea intensified after President Lee pledged to launch a won-pegged digital currency for business and international trade applications.
South Korean technology company Naver recently launched a wallet service for a local stablecoin in Busan, partnering with venture capital firm Hashed and the Busan Digital Asset Exchange. Naver Financial is pursuing a merger with Dunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange.
Both Kakao and Naver operate payment platforms with substantial user bases. Naver’s payment platform serves 30 million users monthly, while KakaoPay maintains a similarly large customer base, positioning both companies to leverage their existing networks for stablecoin adoption.