KakaoBank go issue KRW stablecoin wey get KakaoPay backing
KakaoBank, di gbere digital bank for South Korea wey get pass 25 million users, dey move ahead wit plan to issue KRW-backed stablecoin plus give custody services. For dem H1 2025 results, CFO Tae-Hoon Kwon talk about how their KYC/AML setup strong and how dem don do CBDC simulation, e even include real-name check for crypto exchanges. Na Kakao Group Stablecoin Task Force wey involve KakaoBank, KakaoPay and Kakao dey aim 1:1 KRW stablecoin. For June 2025, KakaoPay file 18 trademarks and patents with KIPO for stablecoin tech. With President Lee Jae-Myung pushing regulations to support local stablecoins and stop capital flight, plus 11% profit rise and strong deposit growth, KakaoBank face competition from Kookmin Bank and IBK as dem dey try capture market share for the $275 billion stablecoin industry. This move show say blockchain assets dey get serious uptake for mainstream finance.
Bullish
Dis announcement dey bullish for crypto market because e mean say institution dem dey support am well-well, get plenty users, plus regulator dem dey back am. Short term, traders fit see say demand for KRW stablecoin pairs go increase and plus say trading for local exchangess go plenty. Long term, KakaoBank strong KYC/AML controls, CBDC waka sabi plus KIPO-backed intellectual property go ground ground make blockchain assets spread wella for South Korea, fit push growth for DeFi, trading volume and use of stablecoin dem.