Upbit, the largest virtual asset exchange in Korea, and Naver Pay, a simple payment platform, are set to collaborate on a won-based stablecoin project. This cooperation is the first large-scale private joint venture in Korea that breaks down the boundaries between virtual assets and traditional payment services, signaling significant ripple effects in the digital financial market.
According to related industries on the 1st, Dunamu, the operator of Upbit, and Naver Pay have agreed to jointly promote a business centered on issuing and utilizing a stablecoin that is pegged 1:1 with the Korean won. Moving forward, both companies plan to discuss specific service models and technical details, and will refine their business plans in line with domestic regulatory conditions.
In this collaboration, Naver Pay will lead the stablecoin issuance and payment infrastructure development, while Upbit will provide blockchain technology and virtual asset exchange infrastructure. Through the synergy between the two companies, expanded online and offline payment versatility of the stablecoin is expected.
This announcement coincides with the recent rush of Korean financial institutions entering the won-based stablecoin business. Previously, K Bank, Toss, and Shinhan Card have also filed trademark applications, and a bill to institutionally permit won-based stablecoin issuance is currently being proposed in the National Assembly.
Particularly, the industry evaluates this cooperation as similar to the USDC model of Circle and Coinbase in the United States. Various use cases are expected to emerge in the domestic payment market, such as real-time remittances, online payments, and cross-border payment services based on stablecoins.
However, the specific commercialization timing is expected to be determined based on the ongoing discussion of the 'Digital Asset Basic Law' in the National Assembly and the finalization of regulatory guidelines by financial authorities.
An industry official stated, "This is the first time a domestic simple payment platform and virtual asset exchange are seriously entering the stablecoin business," and predicted that "if regulatory risks are resolved, the domestic digital financial landscape will change rapidly."
