Naver Financial to Launch ’Silk Pocket’ Stablecoin Wallet Service in Collaboration with Hashed

Naver Financial, the financial arm of South Korean internet giant Naver, has announced the upcoming launch of its stablecoin wallet service, 'Silk Pocket,' next month. Developed in partnership with blockchain investment firm Hashed and the Busan digital exchange, the wallet is tailored for Busan citizens and has completed its first version of development. The service is currently undergoing final verification ahead of its debut.

The project, which began development in May, leverages Hashed's technical expertise and Naver Financial's payment infrastructure. The wallet will feature a KRW-stablecoin exchange capability designed to attract international tourists by allowing seamless conversion of local currencies into KRW-pegged stablecoins. This innovation aims to eliminate traditional currency exchange hurdles and associated fees.

Future plans include integrating 'Dongbaekjeon,' a regional payment currency, once stablecoins gain legal recognition in South Korea. The MOVE underscores Naver Financial's ambition to bridge traditional finance with blockchain-based solutions, potentially setting a precedent for broader adoption of stablecoins in everyday transactions.