Fireblocks has signed a memorandum of understanding with Kakao Pay and Kakao Bank to build institutional-grade digital asset infrastructure in South Korea, with stablecoin distribution as the initial focus. The three companies plan to assess digital asset distribution frameworks suited to Korea's regulatory, security, and service requirements, and will run proof-of-concept tests to validate those frameworks.
Fireblocks says it has deployed digital asset infrastructure for more than 2,500 institutions, including over 100 banks, and has secured $16 trillion in digital asset transactions across more than 200 blockchains. Chief executive Michael Shaulov said infrastructure engineered to meet institutional requirements 'from day one' is a prerequisite for widespread adoption, while Kakao Bank CEO Yun Ho-young and Kakao Pay CEO Shin Won-keun, co-heads of Kakao Group's Stablecoin Task Force, framed the deal as a foundation for secure and accessible digital asset services.
The Fireblocks agreement is Kakao's second major stablecoin infrastructure partnership this year. In July, Kakao Corp., Kakao Pay and Kakao Bank signed a separate MoU with Circle to develop blockchain-based payment infrastructure and explore a won-backed stablecoin. Kakao Pay has also completed proof-of-concept testing for a digital asset wallet covering transfers, payments and settlement, extending a prepaid balance service that serves 43 million users, while KakaoBank works to link that wallet to its banking systems under bank-level security and regulatory controls.
The combined moves outline a full-stack approach: Circle for stablecoin issuance and payment rails, Fireblocks for institutional custody and transaction infrastructure, and Kakao's own consumer-facing wallet riding on KakaoTalk's user base. The buildout comes as Korean financial institutions race to establish won-stablecoin infrastructure ahead of a security token regulatory framework set to take effect on February 4, 2027, with rivals including Naver Financial, Dunamu, Hana Financial Group, Samsung affiliates, KB Financial, Woori Bank and Mirae Asset-owned Korbit pursuing their own digital-asset tie-ups.
