South Korean internet conglomerate Kakao is preparing a Korean won stablecoin through its involvement in the Kaia blockchain, which recently registered related trademarks with the Korean Intellectual Property Office.
Kaia, which operates the public blockchain formed from the merger of Klaytn and Finschia, disclosed with Decrypt that it had registered the “KRWGlobal,” “KRWGL,” “KRWKaia,” and “KaKRW” trademarks earlier this month.
With Kakao and Kakao Pay serving on its governance council, Kaia is positioning a won-pegged token as a potential bridge to other fiat-backed stablecoins such as USD and JPY.
Kakao and its affiliate Kakao Pay are part of Kaia’s governance council, which is working to embed digital KRW across apps used by tens of millions in South Korea.
Users and businesses across Kakao’s ecosystem, which the company says already serves over 49 million monthly active users in South Korea, will be able to, in theory, “access DeFi protocols within mobile apps, which are utilized nationwide, bringing these decentralized finance projects to life,” Dr. Sangmin Seo, chairman of the Kaia DLT Foundation, told Decrypt.
Yet stablecoin legislation in South Korea remains in flux, with competing bills and an administration-led framework still in talks.
Earlier in June, the administration outlined a Digital Asset Basic Act that would let qualified companies issue won-pegged tokens if they meet minimum equity requirements.
The Bank of Korea, meanwhile, suggested starting with bank-issued stablecoins at first and is studying deposit tokens on public chains.
Source: decrypt.co
