SEOUL, September 26 (AJP) - A tie-up between Korean internet giant Naver and Dunamu, operator of the world’s fourth-largest cryptocurrency exchange Upbit, is widely expected to accelerate the country’s ambition to launch a won-based stablecoin ecosystem.
Naver on Thursday confirmed a stock-swap deal with Dunamu is under way, noting that stablecoins are among several ventures under discussion between the two firms, though nothing has been finalized.
Analysts see stablecoins as a key driver behind the partnership. The two companies are expected to build digital financial infrastructure by combining Naver’s vast platform ecosystem with Dunamu’s blockchain expertise.
Stablecoins are digital currencies designed to maintain a fixed value, usually pegged to fiat currencies like the U.S. dollar. For example, a stablecoin tied to $1 keeps its value stable because the issuer holds $1 in reserve for every token issued.
The ruling Democratic Party has already proposed a bill to promote stablecoins pegged to the Korean won.
Under such a model, Dunamu could issue tokens that would be accepted for payments across Naver’s platforms, including its Naver Pay app. This would not only expand usage but also help Naver cut credit card transaction fees.
Potential revenue streams include collateralized lending, foreign exchange remittances, and cross-border payments, while management of deposit reserves could generate additional profits.
Although Naver has expanded its platform business in Japan and Southeast Asia, it has lacked a clear edge in global finance. By linking up with Dunamu, Naver could enter overseas payment and remittance markets using blockchain and crypto infrastructure.
The partnership could pave the way for a Korean fintech model capable of competing with global players like PayPal, Stripe, and Coinbase.
“We need to pay attention to Naver Financial’s corporate value, given that synergies can be created through collaboration between the nation’s leading fintech company and top cryptocurrency exchange,” said Oh Dong-hwan, a researcher at Samsung Securities.
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