[Alpha Biz= Paul Lee] Dunamu, operator of South Korea’s leading cryptocurrency exchange Upbit, announced a partnership with Naver Pay to jointly explore business opportunities in the development of a Korean won-pegged stablecoin.



A Dunamu representative stated on July 1, "Upbit has agreed to support Naver Pay’s stablecoin initiative pegged to the Korean won," adding that detailed plans will be discussed once a legal and regulatory framework is established.



The company also noted that the issuance entity and form of collaboration will be determined in accordance with future regulatory guidelines.



A KRW-pegged stablecoin is a type of cryptocurrency designed to minimize price volatility by linking its value to the Korean won.



Naver Pay had previously expressed its ambition to take a leading role in the stablecoin space during its “Npay Media Day 2025” event held on June 26. Industry observers expect that a consortium led by Naver Pay may soon be formed to advance the project, with Dunamu and Upbit anticipated to be key participants.

 

 

 

 

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