Seoul, South Korea – September 21, 2026 -- Kakao Pay and Kakao Bank have signed a memorandum of understanding with Fireblocks to build secure onchain infrastructure for Korea's emerging digital asset market, with stablecoins as an initial focus area.
Three parties will test stablecoin distribution frameworks through proof-of-concept trials
Under the agreement, Kakao Pay, Kakao Bank and Fireblocks will jointly explore business opportunities based on Korea's market conditions and infrastructure demand. The companies plan to design digital asset distribution frameworks tailored to Korea's regulatory, security, and service requirements, then run proof-of-concept tests to validate their applicability.
Fireblocks brings institutional-grade infrastructure deployed across 2,500 institutions
Fireblocks has deployed digital asset infrastructure for more than 2,500 global institutions, including over 100 banks. The company says it secures $16 trillion in digital asset transactions across more than 200 blockchains for clients such as Worldpay, BNY, Galaxy, and Revolut.
Kakao Group's stablecoin task force leads is co-headed by both bank and fintech CEOs
Kakao Bank CEO Yun Ho-young and Kakao Pay CEO Shin Won-keun, who co-head Kakao Group's Stablecoin Task Force, are steering the initiative. Fireblocks CEO Michael Shaulov said institutional-grade digital asset infrastructure is "the prerequisite for widespread adoption" in Korea's banking and payments sector.
The MoU combines Kakao's nationwide fintech and banking reach with Fireblocks' blockchain infrastructure to lay early groundwork for Korea's digital asset ecosystem.