KakaoBank Pushes Forward With Korean Won-Backed Stablecoin Plans

KakaoBank is reportedly preparing the groundwork for a Korean won-backed stablecoin, developing the infrastructure ahead of new rules that could let banks bring regulated digital KRW into Korea’s retail and cross-border payments system. An affiliate of Kakao Corp, South Korea’s most dominant internet firm, the bank is reportedly advancing work on a smart contract FX settlement system that could form the basis of its planned KRW-backed stablecoin, according to an exclusive from Seoul-based financial news o ...