Upbit and Naver Pay Partner to Launch Korean Won Stablecoin Amid Regulatory Push

South Korea’s largest crypto exchange, Upbit, and fintech giant Naver Pay are teaming up to develop a Korean won-backed stablecoin, signaling a strategic response to new regulatory momentum in the country’s digital asset space.

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The collaboration was officially announced on June 1, just days after Naver Pay revealed plans to lead a consortium focused on launching won-pegged stablecoins. According to Dunamu, the operator of Upbit, Naver Pay will spearhead the project, while Upbit will provide technical and operational support.

“We will specify the scope and methods of cooperation as soon as the relevant system is established,” a Dunamu spokesperson said.

The timing of the announcement aligns with growing regulatory clarity in South Korea regarding stablecoins. On June 29, President Lee Jae-myung pledged to allow private firms to issue stablecoins backed by the Korean won, a move that has spurred heightened interest across the country’s financial and tech sectors.

Several major financial institutions—including KB Kookmin, Shinhan, Woori, and Citibank Korea—are also exploring their own stablecoin initiatives. The ruling Democratic Party has been actively encouraging the development of domestic stablecoins as a way to preempt the dominance of U.S. dollar-based alternatives. Lawmakers are aiming to position South Korea as a competitive force in the global stablecoin market by fostering homegrown solutions tied to the national currency.

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This policy shift reflects South Korea’s broader embrace of digital assets. According to recent data, 27% of South Koreans aged 20 to 50 already own cryptocurrencies, and nearly 70% say they’re open to investing more. That level of adoption places South Korea among the most crypto-engaged nations worldwide.

With major players like Upbit and Naver Pay leading the charge, and the government signaling clear support, South Korea is quickly becoming a serious contender in the stablecoin race. As regulatory frameworks continue to solidify, the country’s push for a won-backed digital currency could reshape both its domestic financial landscape and its standing in the global crypto market.