Naver Financial, the fintech arm of South Korean tech giant Naver, is poised to launch a stablecoin wallet service for the regional currency "Dongbaek-jeon" in Busan next month. Developed in collaboration with blockchain investment firm Hashed and the Busan Digital Asset Exchange (BDAN), the wallet has completed its initial development and is in the final verification stage, with an official unveiling scheduled for December 22, 2025, during Blockchain Week in Busan.
The project, which commenced in May, aims to transform the existing Dongbaek-jeon payment system—a prepaid point-based currency with 1.5 million monthly users—into a stablecoin format. BNK Busan Bank, the current issuer, is researching this transition to enhance local commerce. The wallet will allow residents and tourists to exchange fiat currencies into the stablecoin, though full functionality may await South Korea's regulatory framework for local currency-pegged stablecoins.
Naver Financial plans to integrate the wallet with its existing Naver Pay Wallet service. Concurrently, Naver is pursuing a merger with Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, through a stock-swap transaction. Dunamu reported a 35% quarter-over-quarter revenue growth to 385.9 billion won ($262.87 million) in Q3, with net profit surging 145% to 239 billion won ($162.80 million). Naver's Q3 revenue stood at 3.14 trillion won ($2.32 billion), underscoring the financial heft behind this initiative.
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