Derived from DL News, South Korea’s tech giants Naver and Kakao are expected to intensify competition in the stablecoin market, leveraging their crypto connections and platforms like K-pop, e-commerce, and webtoons to drive adoption. Naver, which recently acquired Upbit, aims to integrate its stablecoin with its e-pay platform, blockchain network, and metaverse services. Kakao, meanwhile, is targeting K-pop fans and exploring partnerships to issue its own stablecoin. However, regulatory hurdles remain, as the central bank opposes the idea, and current laws restrict exchanges from trading coins issued by affiliated parties. The government, however, is pushing for a stablecoins bill to address these issues.
Naver and Kakao to Compete in Stablecoin Market in South Korea
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