Kakao Pay and Kakao Bank have signed a memorandum of understanding (MOU) with digital asset infrastructure provider Fireblocks to explore opportunities for digital assets, mainly stablecoins, in South Korea.
The companies will examine digital asset business opportunities based on South Korea’s market conditions and infrastructure requirements. They will also develop digital asset distribution frameworks to fit the market.
As part of the initiative, the three companies plan to conduct proof-of-concept (PoC) tests. The tests will be used to assess whether potential digital asset infrastructure and distribution frameworks can be applied to the Korean market.
The announcement does not specify a particular stablecoin that the companies plan to issue or support. It also does not establish a launch date for a commercial service. The MOU just provides a framework for the companies to evaluate possible applications and infrastructure.
The partnership brings together Kakao’s payments and banking experience with Fireblocks’ institutional digital asset infrastructure. Kakao Pay provides mobile payment and financial services, while Kakao Bank operates as an internet-only bank. Both companies are part of the broader Kakao ecosystem.
Yun Ho-young, CEO of Kakao Bank and co-head of Kakao Group’s Stablecoin Task Force, said the companies intend to combine their technology and expertise with Fireblocks to develop digital asset services suited to customers in Korea.
Shin Won-keun, CEO of Kakao Pay and co-head of the task force, said “The success or failure of the nascent domestic digital asset market depends on how smoothly digital asset distribution is carried out,” adding, “The strategic partnership with Fireblocks is one of the important cornerstones for laying that foundation.”
Fireblocks CEO and Co-Founder Michael Shaulov said that banks and payment platforms require digital asset infrastructure designed around institutional requirements from the start. Fireblocks’ infrastructure is reportedly used by more than 2,500 institutions globally, including more than 100 banks. The firm provides technology for moving and holding stablecoins, as well as payment and compliance functions for financial institutions and other businesses.
South Korean financial and technology companies actively examine potential uses for stablecoins. Earlier in 2026, KB Financial Group conducted a pilot involving a won-denominated stablecoin. Fintech company Toss has also worked with Optimism and Sunnyside Labs on a proof of concept focused on won-based stablecoin payment infrastructure.
A consortium initiative Namsan, led by SOOHO.IO and Chainlink conducted a live pilot for foreign tourists, where USD-based stablecoins were exchanged to Korean won digital vouchers. The trial demonstrated cost savings of over 30% compared with traditional foreign exchange channels, highlighting the potential of stablecoins to simplify cross-border transactions and make them more accessible.
Kakao has separately explored stablecoin-related opportunities with Circle. In July, Kakao Group and Circle signed an MOU covering blockchain-based payment infrastructure and digital asset technology, including potential opportunities involving won-denominated stablecoins.
