South Korean bank KakaoBank is preparing to enter the stablecoin market following the election of President Lee Jae-myung, a supporter of cryptocurrencies, according to a local publication.
Chief Financial Officer Kwon Tae-hoon confirmed during the presentation of the 2025 first-half results that the bank is considering issuing stablecoins and custody services.
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The initiative is being developed in conjunction with Kakao's Stablecoin Task Force, which includes executives from KakaoPay and other key subsidiaries.
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The move comes at a time when South Korea is moving forward with crypto-friendly legislation, including a bill to legalize stablecoins.