Kakao and Toss to Launch Full-Scale Collaboration with US Circle on Won-Based Stablecoin (Comprehensive)

Payments, Transfers, and Settlement...
Building Digital Financial Infrastructure

The Kakao Group has agreed to collaborate with global fintech company Circle Internet Group on building digital asset infrastructure, including a won-based stablecoin. Toss and Toss Bank have also decided to explore potential collaboration with Circle in the fields of blockchain-based payment infrastructure and stablecoin technology.

From left, Pravin Pilley, Senior Director of Financial Partnerships at Circle; Taeuk Ryu, Vice President of Kakao; Wonkun Shin, CEO of Kakao Pay; Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle; Hokeun Song, Vice President of Kakao Bank; Yamki Chan, Head of APAC at Circle; and Kyunghee Son, Vice President of Kakao Pay, are taking a commemorative photo after discussions to support the domestic digital asset ecosystem at the Kakao Pay office in Pangyo on the 22nd. Kakao Pay

Kakao Group—including Kakao, KakaoPay, and KakaoBank—recently announced on July 23 that it has signed a strategic memorandum of understanding (MOU) with Circle for collaboration in blockchain-based payment infrastructure and digital asset technology.

Under the agreement, the two parties will explore ways to leverage Kakao Group’s digital platform and financial service ecosystem alongside Circle’s experience in developing blockchain and global payment system infrastructure for digital assets. KakaoPay stated, “We are taking our first step in proactively preparing a Korea-specific digital asset ecosystem, in collaboration with a global digital asset infrastructure company.”

The two sides will review business opportunities related to won-based digital assets and tokenized financial services in line with changes in the regulatory and market environment. Based on this, Kakao Group aims to foster an environment in which not only a won-based stablecoin, but a range of domestic providers, can realize innovation based on stablecoins.

Kash Razzaghi, Chief Commercial Officer (CCO) of Circle, commented, “Korea is one of the leaders in the global digital market and has established a solid foundation for financial innovation. We look forward to exploring opportunities to combine Circle’s global infrastructure with Kakao Group’s platform and financial service ecosystem, and to drive innovation that aligns with the regulatory environment.”

Wonkeun Shin, CEO of KakaoPay and co-head of the group’s stablecoin joint task force (TF), stated, “The competitiveness of digital assets cannot be achieved through technology alone. Based on the experience Kakao Group has accumulated in everyday platform, payment, and financial services, we will work with Circle to proactively develop a Korea-specific digital asset ecosystem and set a new standard for future financial infrastructure.”

On the 22nd, at the Toss Sinnonhyeon Office in Gangnam-gu, Seoul, (from left) Kyuhah Kim, Chief Business Officer of Toss, Dante Disparte, Chief Strategy and Policy Officer of Circle, and Jinhyun Park, Chief Strategy Officer of Toss Bank, are taking a commemorative photo for the business agreement. Toss

Toss and Toss Bank also announced today that they have signed a strategic MOU with Circle in the areas of blockchain-based payment infrastructure and stablecoin technology.

The companies will jointly assess the potential for cooperation in the fields of payment and settlement infrastructure using stablecoin and blockchain technology. They plan to review ways to connect Circle’s infrastructure with the ecosystems of Toss and Toss Bank.

Toss will explore the potential use of blockchain technology in various areas, including digital wallets and payment/settlement infrastructure. It will also look into utilizing biometric authentication-based payment experiences and stablecoin-based financial tools.

Toss Bank will seek collaborative measures in overseas payment and settlement infrastructure using stablecoin and blockchain technology, based on its experience as an internet-only bank.

In addition, the parties will review the potential for cooperation in the field of won-based digital assets and tokenized financial services, in accordance with relevant regulatory frameworks.

Kyooha Kim, Chief Business Officer (CBO) of Toss, said, “We are considering various possibilities for technological collaboration in order to provide users with more natural and convenient payment experiences.”

Dante Disparte, Chief Strategy and Policy Officer at Circle, commented, “This collaboration represents our shared commitment to advancing digital financial services that pursue both innovation and regulatory compliance.”

This content was produced with the assistance of AI translation services.