Kakaobank is developing a stable coin with a fixed value, hiring blockchain talent and preparing to offer security tokens amid South Korea’s new legislation.
- Kakaobank is building a blockchain infrastructure for a “Kakao Coin” stablecoin and hiring backend developers with expertise in smart contracts.
- The bank plans to launch security token offerings (STO) in partnership with Korea Investment & Securities and Lucent Block.
- New South Korean laws are paving the way for the STO market to grow, while rivals Naver and Dunamu are advancing their own stablecoin and digital wallet strategies.
South Korean digital bank KakaoBank has entered the development phase for a won-pegged stablecoin called “Kakao Coin,” according to local media reports.
The bank establishes a blockchain infrastructure for the digital currency and has opened recruitment for backend developers of blockchain services, the company announced. The position requires expertise in smart contracts and token standards.
The hired developer will be responsible for designing blockchain-based service structures, managing cryptographic keys and building transaction processing systems, according to the job posting. A KakaoBank official stated that the recruitment is intended to supplement human resources for research into blockchain and stablecoin technologies and to explore its applicability to financial services.
Kakaobank and the victory-backed stablecoin integration
KakaoBank Chief Financial Officer Kwon Tae-hoon announced the company’s entry into the stablecoin market during the bank’s first-half 2025 earnings call in August. Kakao Group, the parent technology company, has formed a stablecoin task force and is holding weekly strategy discussions, according to local media reports. The bank is reviewing several approaches, including the issuance of a won-backed stablecoin and digital asset custody services.
KakaoBank is also planning a security token offering (STO) using blockchain technology, the report said. The bank has signed partnerships with Korea Investment & Securities and Lucent Block to develop blockchain-based STO financial products and systems.
The development follows South Korea’s recent legislative amendments to the Electronic Securities Act and the Capital Markets Act, which set the framework for an STO circulation market expected to open in the first half of 2026.
South Korea’s financial industry estimates that the security token offering market could reach $287 billion by 2030. Stablecoin development activity in South Korea increased after President Lee promised to launch a won-pegged digital currency for business and international trading applications.
South Korean tech company Naver recently launched a wallet service for a local stablecoin in Busan, in partnership with venture capital firm Hashed and the Busan Digital Asset Exchange. Naver Financial is seeking a merger with Dunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange.
Both Kakao and Naver operate payment platforms with significant user bases. Naver’s payment platform serves 30 million users monthly, while KakaoPay maintains a similarly large customer base, allowing both companies to leverage their existing networks for stablecoin adoption.
