Kakao's subsidiary Kakao Pay has officially launched its won-based stablecoin business. This is interpreted as an intention to secure market share as the 'Digital Asset Basic Law' that allows private won-based stablecoin issuance is being proposed.
According to the financial industry on the 22nd, Kakao Pay filed 18 trademark rights with the Patent Office on the 17th, combining 'KRW' (representing the Korean won) with characters symbolizing Kakao Pay such as 'K' and 'P'.
Specifically, these include 'KRWKP', 'KWRP', and 'KPKRW'. These trademarks were classified under virtual asset financial transactions, electronic transfer, and brokerage services. Kakao Pay stated, "No specific plans have been determined yet," but explained that they have proactively registered trademark rights related to the stablecoin business.
The industry views this as Kakao's full-scale preparation for issuing a won-based stablecoin. A financial industry official said, "It appears Kakao Pay has entered the preliminary stage for launching a won stablecoin" and interpreted it as "a strategy to preemptively secure a stablecoin brand name encompassing the won and the company name".
The market anticipates intense competition in won stablecoin issuance with Kakao's entry, especially after the political sphere proposed the Digital Asset Basic Law. On the same day, game company Nexus declared its ambition to become the first won stablecoin issuer in an interview with Seoul Economic Newspaper.
- Reporter Kim Jung-woo
< Copyright ⓒ Decenter, Unauthorized Reproduction and Redistribution Prohibited >
