Core Insights - Dunamu and Naver Financial are merging to create a financial entity valued at approximately $13.8 billion (20 trillion won) [1] - The merger is expected to pursue a Nasdaq listing, potentially increasing the valuation to at least $34.5 billion (50 trillion won) if it successfully attracts global investor interest [2] - The merger aims to enhance both companies' positions in the stablecoin market, with Dunamu planning a won-backed stablecoin and leveraging Naver Pay as the lead issuer [5][6] Company Details - The merger involves a stock swap where Dunamu shareholders will exchange their shares for Naver Financial stock at an estimated ratio of 1:3.3 to 3.4, making Dunamu a wholly owned subsidiary of Naver [3] - Post-merger, Naver's ownership stake will decrease from 69% to 17%, while Dunamu will delegate more than half of its voting rights to Naver to comply with monopoly regulations [4] - Dunamu's Chairman and Vice Chairman will become the largest shareholders of the combined entity, holding nearly 30% ownership [3] Strategic Implications - The merger is driven by ambitions in the stablecoin market, with both companies aiming to leverage their strengths to achieve broader circulation of their products [5][6] - Naver Group has been looking to advance in the payments sector, and the merger is seen as a strategic move to enhance its capabilities in this area [6] - The sentiment in the prediction market indicates low confidence that stablecoins will exceed $360 billion before February, with only a 12.3% chance assigned to this outcome [6]