Upbit, the leading cryptocurrency exchange in Korea, will collaborate with Naver Pay, which recently decided to enter the stablecoin business.
On the 1st, according to industry sources, Dunamu, the operator of Upbit, decided to support the Korean won stablecoin business in collaboration with Naver Pay. Detailed discussions will take place in accordance with laws and regulations.
Naver Pay announced at a press briefing on the 26th of last month that it would enter the Korean won stablecoin business and form a consortium. The Korean won stablecoin is designed to be pegged 1:1 to the Korean won (KRW) and is expected to be utilized as a stable store of value or transaction medium, unlike other coins with significant price volatility.
Thus, from domestic fintech companies to commercial banks, all sectors of the financial industry have been competing to apply for trademarks in preparation for the issuance of stablecoins. Dunamu, which has been exploring future business models such as payments and remittances beyond cryptocurrency transaction brokerage, is also analyzed to have had demand match with Naver Pay, the largest player among domestic simple payment service providers.
A representative from Upbit noted, "Under the leadership of Naver Pay, Dunamu will participate as a technology and infrastructure collaboration partner," adding that a specific collaboration plan will be finalized as soon as relevant laws and regulations are in place.