Circle has signed separate memorandums of understanding (MOUs) with Kakao Group and South Korean fintech operator Toss (Viva Republica) to explore stablecoin payments, blockchain settlement, and digital asset infrastructure in South Korea.
The agreement with Kakao Group will see Kakao, Kakao Pay, and Kakao Bank study opportunities around KRW-based digital assets, cross-border payments, and tokenized financial services using Circle’s blockchain payment technology. Kakao Pay CEO Shin Won-keun, who leads the group’s stablecoin task force, said the companies would “preemptively prepare a Korean digital asset ecosystem with Circle.”
A separate MOU with Viva Republica, the operator of Toss, and Toss Bank focuses on USDC-based services, digital wallets, and programmable payments. Toss will review biometric payment tools and USDC-linked financial products, while Toss Bank will work on connecting stablecoin infrastructure with traditional bank accounts and fiat payment networks.
The partnerships build on months of outreach by Circle in South Korea. Circle CEO Jeremy Allaire had met with Korean executives earlier and emphasized that Circle does not plan to issue its own won stablecoin but rather position USDC as a bridge between future KRW-denominated tokens and global payment networks. The MOUs do not set a launch date or confirm a specific stablecoin issuance model, and any commercial product will depend on regulatory approvals as South Korea develops its digital asset rules.
The collaborations could eventually serve as a shared foundation for stablecoin services beyond the partners’ own platforms, potentially supporting other Korean companies.
