KakaoBank Eyes 2025 Launch for Game-Changing KRW Stablecoin – Banking Meets Blockchain

South Korea's fintech giant KakaoBank is reportedly charging toward a 2025 stablecoin launch—pegged to the won, because apparently even crypto needs training wheels in traditional finance's backyard.

The move would mark one of the first major retail bank-backed stablecoins in Asia, blending Kakao's digital prowess with Korea's rigid financial framework. Because nothing says 'innovation' like a centralized entity replicating decentralized finance with permissioned rails.

While details remain scarce, insiders suggest the project has already cleared early regulatory hurdles—no small feat in a market where crypto regulation flip-flops more than a presidential candidate's stance. The won-pegged token could debut as early as Q1 2025 if testing wraps smoothly.

Banking traditionalists are already sweating. 'This isn't just about digitizing currency—it's about rewriting the rules of monetary flow,' says one blockchain lead at a rival firm (who definitely isn't scrambling to draft a competing proposal).

One thing's certain: when banks start playing with crypto toys, the house always wins. Place your bets.

President Pledges to Launch KRW-Pegged Coin

Following June 3’s election, the new government is now developing its own financial policies in South Korea. Active discussions on stablecoins are now underway, with “global companies paying close attention.”

Besides, the newly elected President Lee Jae-myung has pledged to launch a KRW-pegged coin for use in business and international trade.

The stablecoin pivot has triggered a wave of speculation in Korea’s markets. According to Bloomberg, the USDC issuer Circle became the most-traded stock among Korean retail investors.

“Circle seems to be establishing contacts with the National Assembly and financial regulators because it wants to participate in the domestic market,” unnamed domestic crypto industry executive told Korean media outlet Newsway in June.

He opined that KRW stablecoin issuance was “still a long way off.”

However, Bank of Korea Governor Lee Chang-yong still appears skeptical about Lee Jae-myung’s government’s stablecoin plans, per the Kukmin Ilbo report.

Elsewhere in Hong Kong, the stablecoin bill officially took effect on August 1, establishing a licensing regime for fiat‑referenced stablecoin issuers.