South Korea’s Kakao Group will work with Fireblocks to explore the use of stablecoins and digital asset infrastructure in the South Korean market.
FinTech service Kakao Pay and digital bank KakaoBank, both part of the Kakao Group ecosystem, signed a memorandum of understanding (MoU) with digital asset infrastructure provider Fireblocks. The companies will jointly explore digital asset opportunities in South Korea, with a focus on stablecoins.
The partners will examine digital asset distribution models that meet South Korea’s regulatory, security, and financial services requirements. The collaboration will also include a proof-of-concept (PoC) initiative to assess the applicability of the proposed technology solutions.
As part of the collaboration, Kakao Group plans to combine its expertise in payments, banking services, and blockchain technology with Fireblocks’ infrastructure. Fireblocks serves more than 2,500 institutional clients, including over 100 banks.
Yun Ho-young, CEO of KakaoBank, said the companies planned to explore opportunities to develop secure and accessible digital asset services. Shin Won-keun, CEO of Kakao Pay, said reliable digital asset distribution infrastructure would be a key component of the emerging market.
Kakao Group previously signed a memorandum of understanding (MoU) with Circle Internet Group. Under the agreement, the companies will develop blockchain-based payment solutions and infrastructure for a won-backed stablecoin.
