Remarks at the Symposium "K-Finance Great Transformation through KRW Stablecoin"
Shin Wongeun, CEO of Kakao Pay and Co-Chair of the Kakao Group Stablecoin Joint Task Force, announced his commitment to leading the establishment of a KRW stablecoin ecosystem.
Shin Wongeun, CEO of Kakao Pay and Co-Chair of the Kakao Group Stablecoin Joint Task Force (TF), is giving a presentation titled "Next Finance as Seen by Kakao" at the symposium "K-Finance Transformation through Won-backed Stablecoins." Kakao Pay
On December 23, at the symposium "K-Finance Great Transformation through KRW Stablecoin," jointly hosted by seven academic societies including the Korean Securities Association, Shin stated, "We aim to contribute to building a global KRW stablecoin ecosystem in collaboration with leading companies from various sectors both in Korea and abroad."
Shin made these remarks during his presentation on the topic "Next Finance as Seen by Kakao."
He identified the formation of a consortium that can enhance system stability and the likelihood of business success as the first step in building the ecosystem. He explained that this approach would help create initial use cases for the KRW stablecoin.
To this end, Kakao plans to partner with a wide range of companies, including its affiliates Kakao Pay and Kakao Bank, as well as domestic and international banks, financial institutions, fintech firms, entertainment companies, local currency issuers and operators, and global service platforms.
As the second step, Shin proposed expanding use cases both domestically and internationally.
He introduced the idea of creating a "super wallet" based on Kakao Pay, which would support a variety of payment and settlement methods, including fiat currency, stablecoins, cryptocurrencies, and local currencies.
The plan is to broaden the use cases of the super wallet to various fields, such as peer-to-peer transfers and transactions at local traditional markets.
Additionally, Shin noted that with a blockchain-based wallet-to-wallet transaction structure that enables direct asset transfers without intermediaries, it would be possible to facilitate real-time cross-border remittances and payments, as well as B2B settlements, thereby minimizing currency exchange costs.
As the final phase, he suggested building a full-stack value chain centered on the super wallet, encompassing digital infrastructure, foundational services, and use cases.
This vision aims to complete a financial network ecosystem that is open to all participants and operates based on rules and accountability.
Shin stated, "Once the institutional foundation is established, we will complete a full-stack financial system that spans both domestic and international markets. Through this, we aim to lead the paradigm shift in global payment networks brought about by stablecoins and provide users with an innovative, borderless financial experience."
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