South Korean financial firms, Kakao Pay and KakaoBank, have signed a memorandum of understanding with digital-asset infrastructure provider Fireblocks to explore stablecoin and other digital-asset infrastructure as the country develops its regulatory framework.
The MoU comes just 2 months after Kakao Group signed a strategic memorandum of understanding (MOU) with Circle Internet Group, Inc., a leading global fintech company, to cooperate in the fields of on-chain payment infrastructure, such as Korean Won stablecoins, and digital asset technology.
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The companies will conduct proof-of-concept tests and assess infrastructure suited to South Korea’s regulatory, security and service requirements, with the aim of establishing secure onchain infrastructure for the country’s emerging digital-asset market. No launch date, investment amount or implementation timetable was disclosed.
The partnership brings together Kakao Pay’s payments network, KakaoBank’s banking operations and Fireblocks’ institutional digital-asset infrastructure. Fireblocks says its technology is used by more than 2,500 institutions globally, including more than 100 banks.
The move comes as South Korean financial firms increasingly test Won-denominated stablecoins and blockchain-based payment infrastructure. Kakao Pay had already completed a proof of concept for a digital-asset wallet supporting stablecoin transfers, payments and settlement, while extending testing to KakaoBank.
Fireblocks provides infrastructure for moving, holding and managing stablecoins, including wallet controls, transaction workflows and compliance tools.
The latest agreement therefore points to a focus beyond issuing a stablecoin itself: building the banking, payments and compliance infrastructure needed to distribute and settle digital assets at scale in South Korea.
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