Kakao Pay and KakaoBank partner with Fireblocks to explore stablecoin infrastructure

Major South Korean financial firms Kakao Pay and KakaoBank have signed a memorandum of understanding with crypto infrastructure provider Fireblocks to explore digital asset opportunities, including stablecoin infrastructure.

The agreement, announced on September 22, 2026, will see the companies conduct proof-of-concept tests for digital asset infrastructure tailored to South Korea’s regulatory and security requirements. The initiative aims to help establish secure on-chain infrastructure for the country’s emerging digital asset market.

Kakao Pay operates a major mobile payments platform, while KakaoBank is one of South Korea’s largest internet-only banks. The announcement did not include a specific timeline for launch or implementation.

The move follows a separate MoU signed by parent company Kakao Group with stablecoin issuer Circle in July 2026 to explore won-denominated stablecoins. It places the Kakao-affiliated firms among several major South Korean financial and technology companies actively exploring stablecoin opportunities as the nation develops its digital asset regulatory framework.