Naver to Launch Korean Won-Backed Stablecoin After Upbit Acquisition

[kevin1]

Following its planned acquisition of Dunamu, Naver Financial is preparing to launch a Korean won-backed stablecoin project, alongside other digital finance ventures.

Industry insiders told Chosun the collaboration will serve as a “stepping stone for Naver to become a global fintech company.” The move comes as stablecoins gain momentum in South Korea, with eight major banks already announcing plans to issue a won-pegged token by 2025 or 2026.

The Bank of Korea has voiced support for banks taking the lead in issuing stablecoins, but legislation under President Lee Jae-myung is expected to broaden opportunities for non-bank issuers.

This isn’t Naver’s first crypto foray: in 2024, the company launched Naver Pay Wallet in partnership with sports blockchain Chiliz.

The addition of a stablecoin project could accelerate Naver’s expansion overseas while bolstering South Korea’s position as one of the world’s fastest-growing crypto markets.

[EmTeam]

Naver eyeing a KRW stablecoin after Dunamu deal With 8 banks planning tokens too, Korea’s stablecoin race is heating up. 🪙

[kelson10]

Stablecoin launch + digital finance push could turn Naver into a true global fintech player Big move for Korea’s crypto ecosystem.