South Korean payment service provider Kakao announced the official launch of the "Korean won stablecoin" project.

According to Deep Tide TechFlow news on June 23, as reported by the Seoul Economic Daily, South Korean payment giant Kakao Pay has officially launched its KRW stablecoin business. The company applied for 18 trademark rights with the Korean Patent Office on June 17. These trademarks will combine the "KRW" ( Korean won symbol ) with letters representing Kakao Pay, such as "K" and "P", leading to combinations like "KRWKP", "KWRP", and "KPKRW". These trademarks are classified in the fields of virtual asset financial transactions, electronic transfers, and intermediary services.

Kakao Pay stated that although "specific plans have not yet been determined", this is "a preemptive registration of trademark rights for stablecoin business". Industry insiders believe that Kakao Pay's move is aimed at seizing the market, particularly against the backdrop of the South Korean government's proposal for the "Digital Asset Basic Law", which will allow private enterprises to issue KRW stablecoins. Additionally, game company Nexus revealed its ambition to become the first issuer of KRW stablecoin in an interview with the Seoul Economic Daily on the same day.