South Korean Tech Giant KakaoPay Enters Stablecoin Business With New Venture

Kakao subsidiary KakaoPay is entering the stablecoin sector with the 18 trademark applications filed for the Korean Won Stablecoin.

Published by

Sneha Agrawal

June 23, 2025

South Korean Tech Giant KakaoPay Enters Stablecoin Business With New Venture

Stablecoin:- South Korea has been all in news for its pro-crypto actions. The country’s recently elected President Lee Jae-myung is making $884 billion Investment bet on crypto. In another latest pro-crypto update coming from the country, the South Korean payment company KakaoPay has decided to foray into the stablecoin sector.

According to the reports, the company is set to pursue a stablecoin venture in near future. Last week, the company filed for 18 trademarks applications, initiating its “Korean Won Stablecoin” project.

Interestingly, this comes as the global stablecoin market cap reaches a record $251.7 billion. According to DeFiLlama data, the total valuation of dollar-pegged tokens has climbed by 22% so far in 2025. It is attributed to the increased regulatory clarity with the U.S. Senate passing the GENIUS Act framework last week.

Kakao Pay Files For 18 Stablecoin Patents

KakaoPay is the Kakao Corporation’s mobile payments and digital-wallet arm, venturing into stablecoin sector now. On June 17, KakaoPay submitted 18 separate trademark applications with the Korean Intellectual Property Office (KIPO). Interestingly, all the filed patent applications are aimed at securing rights over names and logos that blend the Korean-won currency sign (₩) or the letters “KRW” with variants of “Pay” or “Kakao”.

The report by the local South Korean media mentions these name for which the application has been filed: ₩Pay, KRW Pay. ₩Kakao Pay, KRW Kakao, KRW Pay etc.

These marks are filed across three main classes:

Class 9 (computer software and downloadable mobile-app technology, e-wallets)
Class 36 (financial services, payment processing, e-money issuance and brokerage)
Class 42 (blockchain technology platforms, software-as-a-service for digital-asset management)

Thus, KakaoPay is simply working on a blockchain-based coin whose value will always be held 1:1 to the Korean won. Users will be able to hold, send, and receive “₩-Coins” just like any other wallet balance, but on-chain. The token will live on Kaia, the Layer-1 blockchain arm of Kakao’s Ground X subsidiary.

If the patents are granted, this will bring 20 million monthly active users of KakaoPay on-chain by allowing them to make on-chain settlements with their existing KakaoPay app.

Further, KakaoPay seems to be entering the stablecoin business as South Korea moves forward with the Digital Asset Basic Act framework. Introduced on June 10, the Basic Act on Digital Assets would soon formally authorize private entities to issue won-pegged stablecoins under a regulated regime.

Also Read: Memecore Expands in South korea

Market Reaction

In a positive market reaction, the shares of KakaoPay have jumped by over 200% in the last 1 month. On June 19, 2025, Kakao’s stock jumped 9.42% in a single session, closing at ₩60,400. Over the past month, its shares have soared approximately 61.5%, reflecting growing market optimism about Kakao’s entry into digital-fiat tokens.

KokoaPay Shares — Source: Google Finance

As the anticipation around the stablecoin launch grows, the investors’ sentiment is expected to grow more bullish.

Also Read: JP Morgan Files For Stablecoin Trademark

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About Author

With over four years of experience in covering and tracking the financial markets, Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces. She is currently leading the Brandtalk section, here at CoinGape. She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete. Apart from her Journalistic endeavours, she is a solo traveler, museum goer, and a keen reader of books.