Analysis: South Korean tech giants Naver and Kakao will compete in the stablecoin space.

2025-12-02 08:37:06

According to a report by Dlnews on December 2, the two major South Korean tech giants Naver and Kakao will engage in fierce competition in the stablecoin sector, with both parties planning to issue stablecoins pegged to the Korean won.

Analysts believe that Naver's acquisition of Upbit will bring advantages. Naver plans to integrate its electronic payment platform Naver Pay with the Upbit exchange platform and Dunamu's Giwachain blockchain network. Naver's stablecoin may be launched on the Giwachain blockchain for payments on its shopping and webtoon platforms, and integrated into the video streaming service CHZZK and the metaverse platform Zepeto. Upbit has approximately 10 million users, with a daily trading volume of about 1.8 billion dollars.

Kakao is deploying its stablecoin business through its chat application KakaoTalk (with over 49 million active users) and Kakao Bank, targeting the K-pop fanbase. According to informed sources, it is considering acquiring the exchange Coinone.

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