Kakao Pay, KakaoBank sign Fireblocks stablecoin MoU

Kakao Pay and KakaoBank have signed a memorandum of understanding with Fireblocks to explore stablecoin infrastructure and other digital asset services in South Korea.

Fireblocks said in its Sept. 21 announcement that the three companies will test digital asset distribution frameworks through proof-of-concept programs designed around South Korean regulatory, security and service requirements. The agreement does not announce a stablecoin, investment amount, commercial product or deployment date.

The companies plan to examine infrastructure demand and possible digital asset businesses before deciding whether any framework should advance beyond testing. Fireblocks described secure onchain infrastructure as the central technical area covered by the agreement, with stablecoins receiving specific attention.

Kakao Pay and KakaoBank will test stablecoin infrastructure

Kakao Pay brings payments experience to the project, while KakaoBank provides the banking component of Kakao Group’s work on digital assets. Fireblocks identified both executives leading the companies, Shin Won-keun and Yun Ho-young, as co-heads of Kakao Group’s Stablecoin Task Force.

Fireblocks has signed an MoU with Kakao Pay and Kakao Bank to build digital asset infrastructure for Korea.

The three companies will explore stablecoin distribution frameworks suited to Korea's regulatory and security requirements, then run proof-of-concept tests to validate… pic.twitter.com/w6eb4gqsvx

— Fireblocks (@FireblocksHQ) September 22, 2026

Under the MoU, no single technical design has been selected publicly. The Fireblocks release says the parties will assess distribution frameworks that fit Korea’s domestic rules and security standards before testing their practical use through PoCs.

KakaoBank CEO Yun said the parties expect to combine their technology and expertise to “develop secure and accessible digital asset services.” His statement describes an intended direction and does not confirm a product launch. Kakao Pay CEO Shin said Korea’s developing digital asset market “depends on the reliable flow of digital asset distribution.”

Neither Kakao company disclosed whether a future stablecoin would be issued directly by a bank, another Kakao entity or an outside issuer. The announcement does not specify a blockchain, token standard, reserve structure, custody model or consumer rollout plan.

Fireblocks brings institutional infrastructure to the PoC

Fireblocks says its platform has been deployed by more than 2,500 institutions, including over 100 banks. Company material says its technology supports custody, settlement, stablecoin payments, tokenization, trading and compliance operations across more than 200 blockchains.

Separate data published on Fireblocks’ website says its network processes more than $200 billion in monthly stablecoin volume through more than 300 payment service providers, fintech companies and banks. The figures are Fireblocks’ own platform statistics and have not been presented as Kakao transaction volumes.

Fireblocks CEO Michael Shaulov said infrastructure for Korean banks and payment platforms needs to be “engineered to meet institutional requirements from day one.” His statement accompanied the MoU and concerned the type of system Fireblocks expects the partners to study.

The agreement does not state whether Kakao Pay or KakaoBank has committed to use Fireblocks in a production environment. PoC testing will come before any announced commercial deployment, according to the companies’ stated sequence.

Kakao’s Circle agreement came before the Fireblocks deal

The Fireblocks pact follows Kakao Group’s July agreement with Circle, which covered stablecoin payments, blockchain settlement and digital asset infrastructure. As crypto.news reported in July, Kakao, Kakao Pay and KakaoBank planned to study KRW-based digital assets, cross-border payments and tokenized financial services alongside Circle.

Under the Circle arrangement, Kakao said it would combine its consumer platform network, Kakao Pay’s payment services, KakaoBank’s banking operations and Circle’s blockchain technology. The parties discussed payment and settlement infrastructure, remittances and connections between blockchain networks and existing financial systems.

No won-denominated stablecoin was launched under the July MoU. Crypto.news reported at the time that Kakao and Circle had not set a launch date or confirmed a particular issuance model, while Circle CEO Jeremy Allaire had previously said Circle did not plan to issue its own KRW stablecoin.

The Fireblocks agreement introduces another infrastructure provider into Kakao Group’s stablecoin research without replacing or ending the Circle arrangement. Fireblocks’ announcement does not describe Circle’s role in the new PoCs or state whether the two relationships will share technology.

South Korea is still developing stablecoin rules

Kakao is not the only Korean financial group testing stablecoin systems before final rules take shape. In related crypto.news coverage, KB Financial Group completed a proof of concept in May covering won-denominated stablecoin issuance, offline QR payments, merchant settlement and a Vietnam remittance test.

Toss followed with another trial in July. As crypto.news reported, the financial app operator partnered with Optimism and Sunnyside Labs for a three-month technology program examining payment settlement, compliance and privacy requirements for won-linked stablecoins.

Work on the legal framework remains unfinished. South Korea’s Financial Services Commission has said its planned framework law for digital assets will include stablecoins, while regulators continue preparing rules covering blockchain-based financial infrastructure.

The FSC said in August that discussions over the government’s second-stage digital asset legislation were still underway and cautioned that some reported provisions had not been finalized. The regulator specifically rejected claims that a proposed ownership cap for major crypto-exchange shareholders had already been settled.

A Bank of Korea payment systems report published Sept. 17 said the central bank had created a Digital Asset Research Section after South Korea’s Virtual Asset User Protection Act took effect. The BOK said the unit has participated in legislative discussions concerning KRW-denominated stablecoins while the country develops its digital asset framework.