KakaoBank is gearing up to make a splash in the stablecoin game. The banking arm of South Korea’s IT giant, Kakao Corporation, is ramping up its plans to offer stablecoin services, and they’re not taking it lightly. During their first-half 2025 earnings call, CFO Kwon Tae-hoon said they’re looking into everything from issuing to custodying stablecoins. The goal? To be front and center in South Korea’s booming “digital asset ecosystem.”
And no, they’re not doing this alone. Kakao’s Stablecoin Task Force, which features the big wigs from its core affiliates, including KakaoPay, is spearheading the initiative.
KakaoBank Rides the Crypto Wave After Lee Jae-myung’s Election
KakaoBank’s sudden crypto enthusiasm comes right after the election of South Korea's pro-crypto president, Lee Jae-myung, in June. Since then, Lee has been all about pushing forward crypto-friendly laws, including one that could legalize stablecoins. Seems like Kakao’s not wasting any time.
Back in June, KakaoBank filed for trademarks related to stablecoins, following in the footsteps of rival Kookmin Bank, a subsidiary of KB Financial Group. Other South Korean banks aren’t far behind, with eight planning to launch Korean won-pegged stablecoins by 2026. Looks like stablecoins are about to get real cozy in South Korea.
A 25-Million-User Powerhouse
But wait, KakaoBank isn’t some newbie in the crypto space. They’ve been in the game for a while. Kwon proudly mentioned that KakaoBank has already participated in the Bank of Korea’s central bank digital currency experiment and has been handling real-name verified accounts for virtual asset exchanges for three years. They’ve even been doing some serious KYC and AML monitoring. So, yeah, they know their stuff.
With 25.86 million users, half of South Korea’s population, and $46.47 billion in assets, KakaoBank is no small player. Meanwhile, the country’s crypto exchange users have topped 16 million, and Kakao is ready to tap into that growing market.
KakaoBank Stock
Now, let’s talk about KakaoBank’s stock. When they filed for stablecoin-related trademarks, their stock shot up by 19.3%, jumping from 30,400 won ($22.60) to 37,000 won ($27). But after the latest news on their stablecoin plans, the stock made only modest gains. It peaked at $20.10 before dipping back to $19.65 by the end of the day, with a tiny 1.12% increase the next day. Looks like investors aren’t exactly jumping out of their seats just yet.
But don’t let that stop you, KakaoBank’s been around since 2016, a partnership between Korea Investment Holdings and Kakao Corp, and they’re clearly positioning themselves for the future of finance.
Global Stablecoin Buzz
It’s not just KakaoBank getting in on the stablecoin action. According to a May 14 report from Fireblocks, 90% of institutional players are exploring the use of stablecoins in their operations. And that’s not all, Russia and Abu Dhabi are both playing with the idea of government-backed stablecoins. Looks like the world is starting to take notice of stablecoins, and KakaoBank is just the latest player to get in the game.
Anastasiia G
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