Kakao taps Circle to explore won stablecoin payment infrastructure

Kakao Group has partnered with stablecoin issuer Circle to explore payment infrastructure for won-backed stablecoins as South Korea prepares a broader regulatory framework for crypto assets. On Thursday, the companies announced that Kakao, Kakao Pay and Kakao Bank had signed a strategic memorandum of understanding (MOU) with Circle Internet Group. Under the agreement, the companies will explore ways to connect Circle’s blockchain and global payment infrastructure with Kakao’s consumer platforms and financial services.The agreement highlights how major South Korean consumer and financial platforms are positioning themselves ahead of expected stablecoin legislation, even before the regulatory framework is finalized. Under the MOU, the companies plan to examine stablecoin payments, cross-border remittances, merchant settlement and connections between existing financial systems and blockchain networks. The companies will also consider support for tokenized financial services, but they did not disclose any products or launch timelines.Cointelegraph reached out to Circle and Kakao Group but did not receive a response before publication. South Korea’s stablecoin framework South Korea has ...