In June 2025, KakaoPay, a subsidiary of Kakao, filed patent applications for six stablecoin ticker symbols: PKRW, KKRW, KRWP, KPKRW, KRWKP, and KRWK. (Source: Reuters) These symbols combine Kakao or KakaoPay with the Korean won (KRW), signaling the company's intention to launch its own stablecoin offerings.
This move aligns with South Korea's regulatory landscape, where President Lee Jae Myung pledged to promote local currency-backed stablecoins in May 2025. A lawmaker proposed legislation to expedite the approval of Korean won stablecoins, reflecting governmental support for integrating stablecoins into the national financial system.
This also follows the U.S. Senate's passage of the GENIUS Act on June 17, 2025. This bipartisan legislation establishes a federal regulatory framework for stablecoins in the United States, mandating backing by liquid assets and monthly reserve disclosure. Major U.S. banks and companies like Walmart and Amazon are exploring stablecoin initiatives as well.