Breaking: Upbit & Naver Pay Forge Game-Changing KRW Stablecoin Partnership

South Korea's crypto giant and fintech leader drop a blockchain bombshell.

Two titans just rewrote the rulebook for digital payments.

Stablecoin showdown incoming

Upbit's trading firepower meets Naver Pay's 36 million users - regulators didn't see this coming. The won-pegged token could bypass traditional banking rails entirely.

The play for payments dominance

Watch how fast 'Web3-enabled payments' becomes every Korean fintech's 2025 buzzword. Traditional banks? Suddenly very interested in 'blockchain innovation' (and very scared).

Closing thought: Nothing unites corporations faster than the smell of unregulated profit - except maybe regulatory FOMO.

TLDR

• Upbit & Naver Pay Team Up for Won Stablecoin Rollout
• Korea’s New Stablecoin to Simplify Payments & Kill Kimchi Premium
• Won-Pegged Stablecoin Gains Momentum Amid Regulatory Support
• Upbit-Naver Stablecoin Aims for Cross-Border and Retail Use
• South Korea Bets on Private Sector to Lead Stablecoin Future

South Korean crypto exchange Upbit and fintech platform Naver Pay have announced plans to launch a Korean won stablecoin. The two firms aim to streamline digital payments by offering an on-chain stablecoin alternative pegged to the Korean won. This move follows renewed regulatory backing for stablecoins under the new administration.

Stablecoin to Enhance Domestic and Cross-Border Payments

The Korean won stablecoin will provide a fast and stable digital payment method for domestic users across platforms. As regulatory frameworks mature, both companies plan to integrate stablecoin transactions into financial services. The stablecoin could also support global remittances by bridging local and international liquidity through on-chain swaps.

South Korean crypto exchange Upbit’s parent company Dunamu has confirmed a partnership with Naver Pay to promote a KRW stablecoin payment initiative. The project will be led by Naver Pay, with Dunamu providing support.https://t.co/8rv5hIHbcU

— Wu Blockchain (@WuBlockchain) July 1, 2025

Naver Pay will lead the initiative while Upbit’s parent company, Dunamu, will provide digital asset infrastructure support. Together, they will build a scalable stablecoin network compatible with major crypto wallets and exchanges. Once live, the token may reduce reliance on traditional banks.

The introduction of a won stablecoin could eliminate the longstanding “kimchi premium” observed on Korean exchanges. By ensuring price parity with global markets, this could simplify arbitrage and lower trading inefficiencies. The new digital asset is expected to be transferable on-chain and exchangeable with USDT or USDC.

Regulatory Support Spurs Local Stablecoin Race

The collaboration follows President Lee Jae-myung’s pledge to support a domestic won stablecoin ecosystem. Since his election in early June, stablecoin projects have gained momentum as lawmakers fast-track favorable legislation. South Korea’s financial authorities recently paused CBDC efforts to prioritize private sector-led digital currency alternatives.

Banks including KB Kookmin, Shinhan, Woori, and Citibank Korea have also announced stablecoin pilots. These institutions plan to issue won-backed stablecoins under consortium models. Their entry into the space signals rising confidence in a regulated yet competitive stablecoin market.

The Upbit and Naver Pay project reflects a broader trend where South Korean firms seek global relevance in digital payments. A successful rollout of a trusted Korean won stablecoin could serve as a blueprint for other markets. It may also boost Seoul’s influence in shaping international crypto standards.

Strategic Vision to Streamline Crypto-to-Fiat Access

The Korean won stablecoin is designed to provide direct fiat exposure without delays or high fees. It also simplifies access to stable digital currencies, making blockchain payments more practical for the general public. This could increase daily usage and adoption of digital assets in Korea’s tech-savvy population.

With Naver Pay’s wide payment reach and Upbit’s trading volume, the partnership holds strong operational potential. Users will benefit from a unified experience that merges crypto and fiat payments across services. This may also encourage small businesses to accept stablecoin payments with lower processing costs.

If executed successfully, the Korean won stablecoin may reduce capital friction and enable faster settlements across platforms. South Korea’s strong digital economy and crypto enthusiasm create ideal conditions for such innovation. The combined expertise of both firms gives this project a clear edge in deployment readiness.