Kakao Pay and KakaoBank have signed a memorandum of understanding (MoU) with digital asset infrastructure provider Fireblocks to explore stablecoin infrastructure and other digital asset opportunities in South Korea.
The agreement, announced by Fireblocks on September 21, will focus on developing digital asset distribution frameworks suited to Korea’s regulatory, security, and service requirements. The companies also plan to conduct proof-of-concept (PoC) tests to assess how the proposed infrastructure could work in the local market.
The announcement does not confirm a stablecoin launch or commercial product. It also does not specify a blockchain, token standard, reserve structure, custody model, or launch date.
Kakao, Fireblocks test infrastructure
Under the MoU, Kakao Pay, KakaoBank and Fireblocks will examine potential digital asset businesses based on market conditions and infrastructure needs in South Korea.
Stablecoins are a key focus. The companies will assess distribution frameworks before testing their practical use through PoCs.
Kakao Pay brings its payments business to the initiative, while KakaoBank contributes its banking operations. Shin Won-keun, CEO of Kakao Pay, and Yun Ho-young, CEO of KakaoBank, are also co-heads of Kakao Group’s Stablecoin Task Force.
Fireblocks said more than 2,500 institutions, including over 100 banks, have deployed its infrastructure. The company also said its platform supports custody, settlement, stablecoin payments, tokenization, trading and compliance operations across more than 200 blockchains.
Fireblocks separately reports more than $200 billion in monthly stablecoin transaction volume through its network. Those figures are company-reported platform data and do not represent Kakao’s transaction volumes.
No commercial stablecoin yet
The MoU is an exploratory agreement, and the companies have not announced which entity would issue a potential Korean won-linked stablecoin.
The announcement also does not state whether Kakao Pay or KakaoBank has committed to using Fireblocks infrastructure for production services. The stated sequence is to first examine potential frameworks and conduct PoC testing.
Fireblocks CEO Michael Shaulov said the collaboration would examine infrastructure designed for the requirements of Korean banks and payment platforms.
Kakao Pay and KakaoBank said the partnership is intended to support secure and accessible digital asset services as South Korea’s market develops.
Kakao’s Circle partnership
The Fireblocks agreement follows a separate MoU signed by Kakao Group with Circle in July.
That partnership covers areas including stablecoin payments, blockchain settlement, digital asset infrastructure, cross-border payments and tokenized financial services. Kakao, Kakao Pay and KakaoBank said they would combine their respective consumer, payment and banking capabilities with Circle’s blockchain technology.
The July agreement also did not announce a won-denominated stablecoin or provide a launch date. The new Fireblocks MoU does not indicate that the Circle partnership has ended or been replaced. It also does not specify whether Fireblocks and Circle technologies will be used together.
South Korea works on stablecoin rules
Kakao’s latest agreement comes as South Korean financial institutions continue testing stablecoin-related payment and settlement systems while the country develops its digital asset rules.
Kakao had already been exploring partnerships with Korean banks for a won-backed stablecoin. A June 2026 report by The Crypto Times, citing industry sources, said Kakao had discussed a possible stablecoin consortium with several financial institutions, including regional groups BNK Financial Group and JB Financial Group. The talks reportedly covered the project’s plans and possible proof-of-concept testing.
In July, South Korea’s Financial Services Commission proposed merging several pending digital asset bills into a unified framework covering stablecoins, market regulation and investor protection. The government aims to complete the legislation by the end of 2026. The FSC said in August that discussions were still ongoing, with some provisions yet to be finalized.
The Bank of Korea said in a September 17 report that it had established a Digital Asset Research Section. The unit has taken part in discussions on legislation covering won-denominated stablecoins as the country continues to develop its digital asset framework.
For Kakao Pay, KakaoBank and Fireblocks, the next step is to conduct the planned PoC tests and assess digital asset distribution frameworks for the Korean market.
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