Upbit and Naver Pay team up to launch Korean won stablecoin
2025-07-01 15:22:42
Main Idea
Korean companies like Upbit and Naver Pay are entering the stablecoin market, leveraging new regulatory clarity, while South Korea intensifies efforts to introduce government-backed stablecoins to compete with USD-based alternatives.
Key Points
1. Upbit and Naver Pay are collaborating to develop a Korean won stablecoin, with Naver Pay leading the initiative.
2. South Korea's President Lee Jae-myung supports allowing firms to issue stablecoins backed by national assets.
3. Major banks such as KB Kookmin, Shinhan, Woori, and Citibank Korea are also forming their own stablecoin initiatives.
4. The ruling Democratic Party is pushing for government-backed won stablecoins to counter the dominance of USD-based stablecoins.
5. South Korea has high crypto adoption, with 27% of its population aged 20-50 owning crypto assets and 70% willing to buy more.
Description
Korean companies are joining the stablecoin race, with Upbit and Naver Pay becoming the latest entrants in the market. South Korean firms are increasingly taking advantage of the new regulatory clarity around stablecoins. On Tuesday, June 1, Upbit, the nation’s largest crypto exchange, and Naver Pay, a fintech payment platform, joined forces to develop a Korean won stablecoin. “It seems that Naver Pay will take the lead and Dunamu will cooperate,” stated an official from Dunamu, the operator of ...
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