South Korea’s race to build a Korean won-pegged stablecoin escalated today as KakaoBank signaled a move from planning to active development, while rival tech giant Naver officially confirmed a $10.3 billion merger with the nation’s largest crypto exchange.

The stakes extend far beyond corporate competition. South Korea is mounting one of Asia’s most aggressive challenges to U.S. dollar hegemony in digital finance, with nearly every citizen potentially gaining access to won-stablecoins through platforms they already use daily.

Tech Giants Advance Infrastructure

KakaoBank Corp. (KRX: 323410) began recruiting blockchain developers today, signaling its stablecoin project has entered the…

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