TechFlow, December 2 — According to Dlnews, South Korea's two tech giants, Naver and Kakao, are set to enter a fierce competition in the stablecoin sector, with both planning to issue won-pegged stablecoins.
Analysts believe Naver's acquisition of Upbit will give it an edge. Naver intends to integrate its electronic payment platform Naver Pay with Upbit's exchange platform and Dunamu's Giwachain blockchain network. Naver's stablecoin could launch on the Giwachain blockchain for payments across its shopping and webtoon platforms, and be integrated into its video streaming service CHZZK and metaverse platform Zepeto. Upbit has around 10 million users and a daily trading volume of approximately $1.8 billion.
Kakao, meanwhile, is leveraging its messaging app KakaoTalk (with over 49 million monthly active users) and Kakao Bank to advance its stablecoin ambitions, targeting K-pop fan communities. Sources indicate it is considering acquiring the exchange Coinone.
