Layer 1 blockchain 'Kaia' has officially announced the issuance of a won-based stablecoin, creating a new turning point in the Korean digital asset market. There is a significant symbolic meaning in that a private company has taken the initiative ahead of the government-led legislative trend.
Kaia is a representative Korean public blockchain born from the integration of Kakao's blockchain platform 'Klaytn' and Naver's 'Line Blockchain'. This announcement is drawing more attention as it came right after President Lee Jae-myung's inauguration. The president had shown a strong policy will, stating during his candidacy that "the introduction of a won stablecoin is not an option but a necessity".
Kaia's move is likely to face legal challenges. The current Korean Constitution exclusively grants the right to issue currency to the Bank of Korea, leaving private currencies pegged 1:1 to the won in an institutional gray area. However, Kaia emphasizes this as an "experiment in technical possibility and expanding use cases", and is interpreted as a preemptive move to induce policy changes.
The market responded quickly. On June 9th, Kakao Pay's stock price surged nearly 30% from the previous day, hitting the upper limit. This reflects expectations that platforms with payment infrastructure will directly benefit from the full-scale introduction of stablecoins.
The political circle is also responding positively. The Democratic Party is preparing to propose a Digital Asset Basic Law, and the newly appointed policy chief of the presidential office, Kim Yong-beom, has drawn attention with his previous statement that "a stablecoin model led by the private sector is necessary".
Experts point out future challenges such as institutional coordination with the Bank of Korea and financial authorities, establishing a technically compliant model, and linking with exchanges and payment infrastructure. Above all, they note that "the government's policy message must be translated into a concrete roadmap for private sector initiatives to expand into an ecosystem".
Kaia's won stablecoin experiment is likely to serve as a practical test of how South Korea will enter the digital currency era, going beyond a simple project.
