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South Korea’s Kakao, Circle Team up on Digital Payments
The exploratory deals will test blockchain settlement, cross-border payments and tokenized financial services as South Korea develops rules for stablecoins.
- On Thursday, Circle Internet Group signed strategic memorandums of understanding with Kakao Group and Viva Republica, operator of Toss, to explore blockchain-based payment systems and infrastructure for South Korea.
- The agreements aim to connect Circle's blockchain capabilities with Kakao's consumer platforms and Toss's financial services, facilitating cross-border remittances and merchant settlements for won-denominated digital assets.
- Kakao Pay CEO Shin Won-keun said the companies will "work with Circle to prepare a Korean digital asset ecosystem," while Circle Chief Strategy Officer Dante Disparte emphasized Web3 adoption is a "matter of urgency."
- Regulatory compliance remains critical as South Korea develops the Digital Asset Basic Act, which will dictate requirements for stablecoin issuance, collateral management, and internal controls before commercial launch.
- While the companies have not announced a launch date for consumer products, these agreements position Circle, Kakao, and Toss to potentially lead in the emerging market as policymakers finalize the legal framework.
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14 Articles
14 Articles
Kakao to Build KRW Stablecoin Infrastructure with U.S. Circle Kakao Group has agreed to cooperate with global fintech firm Circle Internet Group on a project to build digital asset infrastructure, including KRW stablecoins. Kakao Group, including Kakao, Kakao Pay, and Kakao Bank, will collaborate with Circle on blockchain-based payment infrastructure and...
Coverage Details
Total News Sources14
Leaning Left1Leaning Right2Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 17%
C 50%
R 33%
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