Kakao Pay and KakaoBank Team Up with Fireblocks to Explore Won Stablecoin Infrastructure

Kakao Pay and KakaoBank Partner with Fireblocks on Won Stablecoin Infrastructure

South Korean payment platform Kakao Pay and internet bank KakaoBank announced on September 22, 2026 that they have signed a memorandum of understanding (MoU) with crypto infrastructure provider Fireblocks. The three parties will collaborate on digital assets, with a focus on exploring stablecoin-related infrastructure. According to Cointelegraph, the agreement includes proof-of-concept (PoC) testing tailored to South Korea's regulatory, security, and service requirements, with the goal of building on-chain infrastructure for the country's digital asset market. The announcement did not disclose a timeline for launch, investment, or implementation.

Kakao Pay focuses on mobile payments and financial services, while KakaoBank is one of South Korea's largest internet banks. Both are part of the Kakao ecosystem. Fireblocks says it has provided digital asset infrastructure to more than 2,500 institutions, including over 100 banks.

This collaboration is not Kakao's first move into stablecoins. The Kakao group previously signed an MoU with stablecoin issuer Circle to explore blockchain-based payment infrastructure and services related to a Korean won-denominated stablecoin. Several other South Korean fintech companies are also advancing similar pilots: KB Financial Group completed a Korean won stablecoin pilot in May 2026 covering issuance, offline merchant payments, and cross-border remittances, while Toss partnered with Optimism and Sunnyside Labs in July 2026 to conduct a proof of concept for Korean won stablecoin payments.

Source: https://cointelegraph.com/news/kakao-pay-kakaobank-fireblocks-stablecoin-infrastructure?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound