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Naver Financial Launches Stablecoin Wallet in Busan
27 Nov
Summary
- Naver Financial is launching a stablecoin wallet next month in Busan.
- The wallet digitizes Busan's Dongbaek-jeon regional currency.
- Rollout awaits South Korea's stablecoin regulations for local currencies.
Naver Financial is finalizing development of a stablecoin wallet slated for launch next month in Busan, aiming to digitize the city's Dongbaek-jeon regional currency. This initiative is a key part of Busan's strategy to foster a blockchain-powered local economy, modernizing payments for an estimated 1.5 million monthly users. The service will allow residents and visitors to convert fiat into a stablecoin version of Dongbaek-jeon.
The project is a collaboration between Naver Financial, venture capital firm Hashed, and the Busan Digital Asset Exchange (BDAN), which is providing the blockchain infrastructure. BNK Busan Bank, the current issuer of Dongbaek-jeon, is also exploring a transition to a stablecoin-backed system. This shift could enable real-time settlement across the city's payment network.
While the wallet is designed to integrate with Naver's existing Naver Pay Wallet, its complete rollout depends on South Korea establishing clear rules for local-currency stablecoins. This regulatory uncertainty has previously slowed similar digital currency initiatives nationwide, underscoring the critical importance of upcoming governmental decisions.
