KakaoBank advances its Korean Won stablecoin plan.

Odaily Planet Daily reports that KakaoBank, a bank under the South Korean internet company Kakao Corp., is preparing to launch a won-backed stablecoin. The bank is advancing the development of a smart contract foreign exchange settlement system, which may form the basis of its planned won-backed stablecoin. It is understood that KakaoBank is building the technological foundation needed to support on-chain financial services, including smart contract execution, token standards, full node operation, and the backend systems required for issuing and managing digital assets. (Decrypt)