Kakao Pay and Kakao Bank partner with Fireblocks to build digital asset infrastructure in South Korea

Two of South Korea’s most widely used financial platforms just signed on with one of crypto’s biggest infrastructure providers. Kakao Pay and Kakao Bank have entered a memorandum of understanding with Fireblocks to explore building secure digital asset infrastructure in South Korea, with stablecoins sitting squarely at the center of their plans.

The deal, announced on September 21, is non-binding. But the Kakao empire, which already touches the daily lives of tens of millions of South Koreans through its messaging, payments, and banking apps, is making a serious institutional push into digital assets.

What the partnership actually covers

The MoU calls for all three parties to evaluate distribution frameworks for digital assets, with particular attention paid to stablecoins. That includes running proof-of-concept tests designed around South Korea’s local regulatory and security requirements.

Fireblocks provides digital asset custody, transfer, and settlement infrastructure to more than 2,500 institutions globally, including over 100 banks. Its platform has secured trillions of dollars in cumulative transactions across that client base.

On the Kakao side, Kakao Pay alone has approximately 43 million registered users. For context, South Korea’s total population is roughly 51 million.

The stablecoin task force driving the strategy

Kakao Group established a dedicated Stablecoin Task Force in 2025. The task force is led by Shin Won-keun, CEO of Kakao Pay, and Yun Ho-young, CEO of Kakao Bank, who serve as co-heads.

Shin has expressed optimism about the Fireblocks partnership, indicating he believes it will meaningfully enhance digital asset services in the region. Fireblocks CEO Michael Shaulov has emphasized what he sees as a critical need for institutional-grade infrastructure in Korea’s banking and payment platforms.

Shaulov pointed to the potential for regulatory adaptability and the push toward innovative financial services as key reasons for Fireblocks’ engagement in the Korean market.

The Fireblocks deal also builds on momentum from earlier this year. In July 2026, Kakao signed a separate MoU with Circle, the issuer of USDC, focused on blockchain-based payments and stablecoin development. Taken together, the Circle and Fireblocks partnerships suggest Kakao is assembling a full stack: one partner for the stablecoin asset itself, another for the infrastructure to move it securely.

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