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KakaoBank, a leading South Korean digital bank, is considering launching a stablecoin backed by the South Korean won by 2025, according to recent reports. This move signals the bank's entry into the stablecoin market, following South Korea's opening of the door to such cryptocurrencies. Despite the country's central bank digital currency (CBDC) plans being shelved, KakaoBank has expressed its intention to actively participate in the stablecoin market. The bank is exploring both stablecoin issuance and custody services, preparing for a potential launch in the South Korean won-based stablecoin market.

Bank of Korea suspends Central Bank Digital Currency project due to lawmakers' focus on stablecoin regulation.