[Naver and Kakao to Compete in the Korean Won Stablecoin Sector]
South Korean tech giants Naver and Kakao plan to issue stablecoins pegged to the Korean won, setting the stage for competition in this field. After acquiring Upbit, Naver plans to integrate its electronic payment platform Naver Pay with the Upbit exchange and Dunamu's Giwachain blockchain network. The stablecoin may be used for shopping, webtoon payments, and integrated into the video streaming service CHZZK and the metaverse platform Zepeto. Upbit has approximately 10 million users, with an average daily trading volume of about $1.8 billion. Kakao, on the other hand, is leveraging its chat app KakaoTalk (with over 49 million monthly active users) and Kakao Bank to develop its stablecoin business, targeting K-pop fan communities and considering the acquisition of the exchange Coinone.