Naver Pay ready to lead future won-based stablecoin market in S. Korea

SEOUL, June 26 (Yonhap) -- Naver Pay, a mobile payment service operated by internet giant Naver Corp., said Thursday it is ready to take a leading role in South Korea's potential won-based stablecoin market, leveraging its extensive digital finance and wallet infrastructure. "There have been active discussions over the past two weeks, but the matter remains cautious as legislation has yet to be enacted," Park Sang-jin, chief executive officer (CEO) of Naver Pay, said during a media event. "If a reasonable framework is established under the review of the authorities and we are allowed to participate, we will take the lead in this space." Park stressed that Naver Pay has more than 30 million users and 5 million affiliated stores based on South Korea's largest mobile payment network and digital wallet service, Npay Wallet, closely integrated with the broader Naver ecosystem, ranging from shopping to maps, blogs and webtoons. Park Sang-jin, chief executive officer (CEO) of Naver Pay, delivers a keynote during a media event in Seoul on June 26, 2025, in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap) He suggested that if won-pegged stablecoins are eventually introduced and issued by non-financial entities, they could replace traditional loyalty points or mileage programs. Naver Pay's expansive ecosystem, he said, could serve as an ideal test bed for such applications. "With our massive and stable online and offline infrastructure, we are well-positioned to develop and implement practical use cases that can help assess the viability of institutionalizing a won-pegged stablecoin," Park said. Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to a fiat currency or asset, most commonly the U.S. dollar. The topic has gained fresh momentum in South Korea following the election of President Lee Jae Myung, who has long advocated for allowing domestic entities to issue won-pegged stablecoins. Last week, Bank of Korea (BOK) Gov. Rhee Chang-yong also expressed his positive view, saying during a press briefing that he is not opposed to the issuance of won-denominated stablecoins. brk@yna.co.kr(END)

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SEOUL, June 26 (Yonhap) — Naver Pay, a mobile payment service operated by internet giant Naver Corp., said Thursday it is ready to take a leading role in South Korea’s potential won-based stablecoin market, leveraging its extensive digital finance and wallet infrastructure.

“There have been active discussions over the past two weeks, but the matter remains cautious as legislation has yet to be enacted,” Park Sang-jin, chief executive officer (CEO) of Naver Pay, said during a media event.

“If a reasonable framework is established under the review of the authorities and we are allowed to participate, we will take the lead in this space.”

Park stressed that Naver Pay has more than 30 million users and 5 million affiliated stores based on South Korea’s largest mobile payment network and digital wallet service, Npay Wallet, closely integrated with the broader Naver ecosystem, ranging from shopping to maps, blogs and webtoons.

Park Sang-jin, chief executive officer (CEO) of Naver Pay, delivers a keynote during a media event in Seoul on June 26, 2025, in this photo provided by the company. (PHOTO NOT FOR SALE) (Yonhap)

He suggested that if won-pegged stablecoins are eventually introduced and issued by non-financial entities, they could replace traditional loyalty points or mileage programs. Naver Pay’s expansive ecosystem, he said, could serve as an ideal test bed for such applications.

“With our massive and stable online and offline infrastructure, we are well-positioned to develop and implement practical use cases that can help assess the viability of institutionalizing a won-pegged stablecoin,” Park said.

Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to a fiat currency or asset, most commonly the U.S. dollar.

The topic has gained fresh momentum in South Korea following the election of President Lee Jae Myung, who has long advocated for allowing domestic entities to issue won-pegged stablecoins.

Last week, Bank of Korea (BOK) Gov. Rhee Chang-yong also expressed his positive view, saying during a press briefing that he is not opposed to the issuance of won-denominated stablecoins.

brk@yna.co.kr
(END)