Korean tech giants to clash over stablecoins as competition heats up

Core Viewpoint - The competition for stablecoin dominance between South Korea's tech giants Naver and Kakao is intensifying, with both companies leveraging their existing platforms to drive adoption in sectors like K-pop, e-commerce, and webtoons [1][2]. Group 1: Naver's Strategy - Naver is positioned to gain an advantage in the stablecoin market due to its acquisition of Upbit, which is expected to enhance its crypto capabilities [3]. - Naver aims to integrate its stablecoin with its existing e-pay platform, Naver Pay, and the Upbit exchange, potentially launching on the Giwachain blockchain [4][5]. - The stablecoin will also be utilized on Naver's shopping and webtoon platforms, and integrated with its video streaming service CHZZK for content monetization [5][6]. Group 2: Kakao's Approach - Kakao, known for its KakaoTalk app and Kakao Bank, is also exploring stablecoin issuance, potentially leveraging its partnership with Coinone, a competitor to Upbit [7]. - There are speculations about Kakao considering a takeover of Coinone to strengthen its position in the stablecoin market [7].