Circle partners with Kakao, Toss on South Korea stablecoin push

July 23, 2026

Circle has signed separate memorandums of understanding with Kakao Group and South Korean fintech operator Toss (Viva Republica / Toss Bank) to explore stablecoin payments, blockchain settlement, and digital asset infrastructure in South Korea.

Summary points

• Circle signed agreements with Kakao Group and Toss to explore stablecoin payment infrastructure in Korea.
• Kakao plans to assess KRW stablecoins, remittances, and merchant settlement using Circle’s blockchain payment technology.
• Toss will explore USDC-based services, digital wallets, and programmable payments while regulations continue developing nationwide.

Kakao Group

Kakao, Kakao Pay, and Kakao Bank will study KRW-based digital assets, cross-border payments, and tokenized financial services with Circle’s blockchain infrastructure. Initial work focuses on faster payment/settlement, remittances, merchant settlement, and links between blockchain and existing financial systems. No launch date or specific stablecoin issuance model. Kakao Pay CEO Shin Won-keun leads the group’s stablecoin task force. Circle executives met Kakao in Pangyo on July 22. Circle CEO Jeremy Allaire posted about the Kakao partnership on July 23.

Toss / Toss Bank

Separate MOU covers digital wallets, cross-border settlement, financial services using USDC, biometric payment tools, programmable onchain payments, and connecting stablecoin rails to bank accounts and fiat networks. Compliance, risk, security, and AML to be reviewed as Korean rules develop.

Circle Korea strategy

Circle does not plan to issue its own won stablecoin; it positions USDC and infrastructure as links between future KRW tokens and global payment networks. Follows April Seoul outreach and planned Current Seoul event. Circle CCO Kash Rajaghi said Korea has “a solid foundation for financial innovation.” Partnerships remain exploratory pending product design and regulatory approvals.