Kakaobank Launches Development of a Won-Pegged Stablecoin by Hiring Blockchain Experts

Kakaobank is expanding its blockchain capabilities as it develops a won-pegged stablecoin, known as "Kakao Coin," while hiring talent and preparing for security token offerings amidst new legislation in South Korea.

Key Takeaways

Development of Kakao Coin: KakaoBank is steering the development of a stablecoin pegged to the South Korean won.
Seeking Blockchain Experts: The digital bank is hiring backend developers proficient in blockchain, smart contracts, and token standards.
Market Entry: During a recent earnings call, KakaoBank's CFO announced the firm’s plan to enter the stablecoin market.
Strategic Partnerships: The bank has formed partnerships with Korea Investment & Securities and Lucent Block for security token offerings.
Legislative Support: Recent changes in South Korean laws provide a framework for a security token offering market expected to grow significantly by 2030.

Kakaobank unveils won-pegged stablecoin development hiring blockchain experts - 1

Kakaobank's Venture into Stablecoin Development

KakaoBank, the leading digital bank in South Korea, is making strides in the cryptocurrency sector by developing a stablecoin pegged to the won, termed “Kakao Coin.” As per local media reports, the bank is actively constructing the necessary blockchain infrastructure to support this digital currency initiative.

To bolster its development efforts, KakaoBank has initiated a recruitment drive for blockchain service backend developers. The job posting specifies that candidates must possess skills in smart contracts and various token standards. The new hires will focus on creating blockchain-based service structures, managing cryptographic keys, and enhancing transaction processing systems. A spokesperson for the bank confirmed that this hiring move aims to enhance the workforce dedicated to researching blockchain and stablecoin technologies and assessing their potential applications in financial services.

KakaoBank and Its Integration with a Won-Backed Stablecoin

KakaoBank's commitment to entering the stablecoin arena was highlighted by CFO Kwon Tae-hoon during the bank's earnings call for the first half of 2025 in August. He revealed that the institution is exploring the stablecoin market, while the larger Kakao Group has established a task force dedicated to assessing opportunities in this space, conducting weekly strategy discussions.

The bank is contemplating multiple strategies, including launching a won-backed stablecoin and developing digital asset custody services. Moreover, KakaoBank is planning to introduce a security token offering (STO) that leverages blockchain technology. This initiative is supported by partnerships with Korea Investment & Securities and Lucent Block to craft both STO financial products and systems.

This development aligns with recent amendments to South Korea's Electronic Securities Act and the Capital Markets Act, which lay the groundwork for a STO market anticipated to launch in the first half of 2026. Industry analysts predict that the security token offerings market in South Korea could soar to a value of $287 billion by the year 2030.

In addition to KakaoBank's efforts, the stablecoin movement in South Korea has gained momentum. President Lee's pledge to introduce a won-pegged digital currency for commercial and international trading applications has generated increased interest.

Simultaneously, Naver, another technology giant in South Korea, has introduced a wallet service for local stablecoins in Busan, collaborating with venture capital firm Hashed and the Busan Digital Asset Exchange. Naver Financial is also pursuing a merger with Dunamu, which operates Upbit, the country's largest cryptocurrency exchange.

Both Kakao and Naver are major players in South Korea's payment platforms, seeing millions of users each month. Naver’s payment platform currently serves around 30 million users monthly, while KakaoPay enjoys a similar user base, positioning these companies advantageously for increased adoption of stablecoins in their existing networks.