Naver Financial Eyes Upbit Stock Swap in Strategic Move to Dominate Korea’s Booming Stablecoin Market
South Korea's tech giant makes power play for crypto dominance.
Strategic Maneuver
Naver Financial engages in advanced discussions about a landmark stock swap with Upbit's parent company Dunamu. The deal positions Korea's largest internet conglomerate to capture the nation's exploding stablecoin market—projected to triple by 2026.
Regulatory Chess Game
Insiders confirm negotiations focus on creating Korea's first fully-compliant stablecoin ecosystem. The move comes as financial authorities draft new digital asset frameworks that could reshape the entire Asian crypto landscape.
Market Shockwaves
Traditional finance institutions scramble to respond to the potential alliance. One banking executive privately called it 'the nightmare scenario—tech companies bypassing decades of banking infrastructure in a single stock transfer.'
Because nothing says financial innovation like recycling old corporate structures with blockchain buzzwords.
Naver and Dunamu
The talks build on a partnership announced in July when Naver Pay and Dunamu revealed plans for a KRW stablecoin.
That project positioned Naver as lead issuer with Dunamu in a supporting role, marking one of the first attempts to create a large-scale won-backed token ahead of new legislation. Earlier this month, Dunamu unveiled that it had been working on a custom ethereum layer-2 blockchain called “GIWA” designed to open up new infrastructure for stablecoins and payments.
South Korean lawmakers are expected to table a stablecoin bill in October that would clarify issuer requirements, reserve rules, and audit standards. Major stablecoin players Tether and Circle have taken meetings with top executives from the country’s financial groups as early as August.
If the deal is completed, Naver WOULD be the first major South Korean platform to fully integrate an exchange into its financial ecosystem. The company already dominates search, messaging, and payments in South Korea, and adding Upbit could accelerate cross-selling of its financial verticals, stablecoin adoption, and new trading products.
