Core Insights - KakaoBank is developing a KRW-pegged stablecoin named "Kakao Coin" and has entered the development phase [1] - The company is recruiting blockchain service backend developers to enhance its blockchain infrastructure and stablecoin technology [2][3] - KakaoBank is also planning a security token offering (STO) and has partnered with Korea Investment & Securities and Lucent Block for this initiative [4] Group 1: Stablecoin Development - KakaoBank is establishing blockchain infrastructure for its stablecoin and has opened recruitment for developers with expertise in smart contracts and token standards [1][2] - The stablecoin initiative aligns with South Korea's broader push for a KRW-pegged coin to facilitate business and international trade [6] Group 2: Market Context and Competition - The stablecoin market in South Korea is gaining momentum, with KakaoBank entering the space shortly after Naver announced its own local stablecoin wallet service [7] - The financial industry in South Korea anticipates that the security token offerings (STO) market could reach a valuation of $287 billion by 2030 [5]

Photo by BeInCrypto Kakao Bank has reportedly shifted to active stablecoin development under founder Kim Beom-soo, while Naver is finalizing a merger with Dunamu, the operator of Upbit, South Korea's largest crypto exchange. These moves come as lawmakers push forward stablecoin bills that could reshape the country's digital financial landscape. Kakao Accelerates Stablecoin Development According to a local media report, Kakao Bank is building blockchain infrastructure for its planned stablecoin, "Kakao ...