Upbit's Parent Company Dunamu to Collaborate with Naver Pay on Stablecoin Initiative

According to Odaily, South Korean cryptocurrency exchange Upbit's parent company, Dunamu, has confirmed a collaboration with Naver Pay to advance a stablecoin payment business denominated in Korean won. This initiative is led by Naver Pay with support from Dunamu, and further details of the partnership will be clarified following the implementation of relevant regulations. Recently, Min Byung-deok, a member of South Korea's Democratic Party, proposed the Basic Act on Digital Assets, which would allow the issuance of stablecoins pegged to the Korean won. Additionally, fintech companies and commercial banks are preparing for stablecoin issuance by applying for trademarks for their own brands.