Kakao Group has decided to embed a won-denominated stablecoin wallet service into the KakaoBank application. The move comes as the group counters Naver, which has joined hands with Dunamu and Hana Financial Group to seize an early lead in the market, by deploying a super-app strategy of its own.
According to financial industry sources on Sunday, KakaoBank and KakaoPay began recruiting key personnel for stablecoin operations one after another starting last week.
KakaoBank is currently hiring stablecoin service planners and business planning managers. KakaoPay has moved to expand its hands-on development organization through a job posting for stablecoin issuance and distribution server developers.
Notably, KakaoBank specified in its job posting that it plans to provide a wallet service connecting won stablecoin-based transfers, payments and investments within the bank's app. This marks the first time KakaoBank has officially stated its plan to offer a won stablecoin wallet within its app along with its utilization strategy. The industry views the announcement as revealing Kakao's vision for an integrated financial platform that connects various financial services around a stablecoin wallet.
Kakao Group last year established a joint task force (TF) on won stablecoin involving Kakao, KakaoPay and KakaoBank, and has been holding regular meetings to set group-level strategy. KakaoBank stated during its recent first-quarter earnings conference call that it "will contribute to the distribution and utilization of won stablecoins by collaborating with domestic and overseas partners based on the group's infrastructure spanning payments, banking, securities and insurance." KakaoPay also recently disclosed plans to utilize stablecoins within the KakaoPay wallet.
A KakaoBank official said, "We are currently forming a TF with the Kakao Group community to closely review the market, and specific business plans will be prepared in line with future legislation." The official added, "This recruitment is aimed at securing relevant talent preemptively in preparation for the institutionalization of stablecoins."
