Kakao Pay and Kakao Bank have signed a non-binding memorandum of understanding with Fireblocks to develop digital asset infrastructure in South Korea. The collaboration focuses on creating secure frameworks for stablecoin distribution, including conducting proof-of-concept tests that comply with local regulatory and security standards.
Fireblocks currently serves over 2,500 global institutions, including more than 100 banks, and has processed trillions of dollars in transactions. Kakao Pay maintains a user base of approximately 43 million people, representing a significant portion of South Korea's 51 million population.
The initiative is overseen by the Kakao Group Stablecoin Task Force, established in 2025 and co-led by Kakao Pay CEO Shin Won-keun and Kakao Bank CEO Yun Ho-young. This partnership follows a separate agreement signed by Kakao with USDC issuer Circle in July 2026 to advance blockchain-based payment solutions.
