Kakao Forms Stablecoin Task Force with Kakao Bank and Kakao Pay Joining

Jung Shina, Shin Wonkeun, and Yoon Hoyoung to Jointly Lead the Task Force

Kakao Group has established a Stablecoin Task Force (TF) to examine both domestic and international trends as well as strategic directions.

According to the IT industry on August 5, Kakao recently formed a group-level Stablecoin TF. This TF is jointly led by Kakao CEO Chung Shina, Kakao Pay CEO Shin Wonkeun, and Kakao Bank CEO Yoon Hoyoung.

Kakao CI.

A Kakao representative explained, "The TF is currently in its early stages, focusing on monitoring trends and strategies related to stablecoins."

Kakao owns a bank (Kakao Bank), a securities company (Kakao Pay Securities), and a simple payment and remittance platform (Kakao Pay). For this reason, it has been considered capable of securing the entire stablecoin ecosystem, including issuance, platforms, payments, and custody. This is because both a bank and an issuer are essential for stablecoin issuance.

Previously, Kakao's financial subsidiaries had shown a proactive response even before the introduction of stablecoins. Kakao Pay and Kakao Bank have filed for six and four trademarks, respectively, related to Korean won-based stablecoins with the Korean Intellectual Property Office.