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Kakao signs MOU with Circle to explore won stablecoin payments
The memorandum would cover stablecoin payments, cross-border remittances, merchant settlement, and possible links to tokenized financial services.
Kakao Group, including Kakao Pay and Kakao Bank, has signed a strategic memorandum of understanding with Circle Internet Group to explore building payment infrastructure for won-backed stablecoins, Cointelegraph reports.
Under the MOU, the partners plan to study how Circle’s blockchain and global payment infrastructure could connect with Kakao’s consumer platforms and financial services, with focus areas including stablecoin payments, cross-border remittances, and merchant settlement.
The companies also said they will consider connections between existing financial systems and blockchain networks, and they may look at support for tokenized financial services, though they did not disclose any products or launch timelines.
The deal comes as South Korea prepares a broader regulatory framework for crypto assets, with policymakers working on legislation that would set requirements for won-backed stablecoin issuance, collateral management, and internal controls, Cointelegraph adds.