Naver Financial will launch a Busan local stablecoin wallet while preparing to merge with Upbit

The financial division of South Korean tech giant Naver, Naver Financial, has completed the development of a stablecoin wallet, which is currently in the final verification stage and is set to launch next month.

The wallet project is being developed in collaboration with venture capital firm Hashed and the Busan Digital Asset Exchange (BDAN), and will support the local currency "Dongbaek-jeon" in Busan for stablecoin conversion, allowing residents and tourists to exchange various fiat currencies for stablecoin forms of the local currency. This service will be integrated with Naver Pay Wallet, but full functionality will await the establishment of a regulatory framework for local currency stablecoins in South Korea. Meanwhile, Naver is merging with Dunamu, the parent company of South Korea's largest crypto exchange Upbit, through a share swap, and after the merger, Dunamu plans to go public on Nasdaq as a wholly-owned subsidiary of Naver.