Kakao taps Circle to explore won stablecoin payment infrastructure

Kakao Group and Circle signed an MOU to explore won stablecoin payments, remittances, merchant settlement and tokenized financial services.

Kakao Group has partnered with stablecoin issuer Circle to explore payment infrastructure for won-backed stablecoins as South Korea prepares a broader regulatory framework for crypto assets. 

On Thursday, the companies announced that Kakao, Kakao Pay and Kakao Bank had signed a strategic memorandum of understanding (MOU) with Circle Internet Group. Under the agreement, the companies will explore ways to connect Circle’s blockchain and global payment infrastructure with Kakao’s consumer platforms and financial services.

The agreement highlights how major South Korean consumer and financial platforms are positioning themselves ahead of expected stablecoin legislation, even before the regulatory framework is finalized. 

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