Naver Financial, the fintech arm of South Korean internet giant Naver, is preparing to roll out a stablecoin wallet in Busan as part of the city’s ongoing push to build a blockchain-powered local economy.
Key Takeaways:
- Naver is launching a stablecoin wallet in Busan to digitize the Dongbaek-jeon currency.
- The service modernizes payments for 1.5M monthly users with Hashed and BDAN providing infrastructure.
- Full rollout depends on South Korea’s upcoming rules for local-currency stablecoins.
According to a report from Seoul Economic Daily, Naver has finished development of the wallet, which is now undergoing final checks before its scheduled launch next month.
The project is being built in partnership with venture capital firm Hashed and the Busan Digital Asset Exchange (BDAN), the entity behind Busan’s broader digital asset strategy.
Busan’s Dongbaek-jeon Goes Digital With Stablecoin Conversion Service
The service will enable Busan residents and visitors to convert fiat currencies into a stablecoin version of Dongbaek-jeon, the city’s regional currency.
Dongbaek-jeon is currently issued as a prepaid payment card with cashback incentives designed to boost spending at local businesses.
Busan’s government introduced the program to support merchants hit by rising operational pressures, and it now serves an average of 1.5 million users per month.
BNK Busan Bank, the issuer of Dongbaek-jeon, has begun exploring a transition from its existing point-based model to a fully stablecoin-backed system.
The shift would modernize issuance and potentially allow real-time settlement across the city’s payments network.
Naver Financial plans to connect the new wallet to its existing Naver Pay Wallet, which already supports crypto custody.
However, full functionality may remain restricted until South Korea finalizes rules for local-currency stablecoins, a regulatory gap that has slowed similar initiatives nationwide.
Development of the platform began in May, with Hashed and BDAN supplying blockchain infrastructure while Naver integrated the wallet into its established payments ecosystem.
The project comes as Naver reportedly moves toward a merger with Dunamu, the operator of Upbit, South Korea’s largest crypto exchange.
Local reports say the companies are working on a stock-swap deal that would place Dunamu under Naver’s umbrella ahead of a potential Nasdaq listing.
Naver posted third-quarter revenue of 3.14 trillion Korean won ($2.32 billion) and an operating profit of 570.6 billion won ($422.6 million).
Dunamu recorded a strong quarter as well, reporting 385.9 billion won ($262.9 million) in revenue, up 35% from the previous quarter, while net profit surged 145% to 239 billion won ($162.8 million).
South Korean Retail Investors Pour $1.24B Into US Tech, Crypto Stocks
As reported, South Korean investors turned the Chuseok holiday into a high-risk trading week, pouring $1.24 billion into US tech and crypto-linked assets while local markets were closed between October 3 and 9.
The frenzy was led by leveraged ETFs and high-growth stocks, as traders sought to ride Wall Street’s momentum amid optimism surrounding US tech resilience and domestic stimulus hopes.
Top foreign buys included the Direxion Daily Tesla Bull 2X ETF with $151 million in purchases, followed by Iris Energy ($105 million), Meta Platforms ($100 million), and Tesla ($96 million).
Investors also snapped up $95 million worth of the T-REX 2X Long BMNR Daily Target ETF, which tracks BitMine Immersion Technologies with double exposure, highlighting growing appetite for crypto-related equities.
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