KakaoBank, the digital bank under South Korea’s IT giant Kakao, has reportedly started the development phase of its Won-pegged stablecoin project in preparation for the upcoming advances of key crypto-related legislation in the country.

KakaoBank’s Stablecoin Development ‘In Full Swing’

On Wednesday, local news media outlet Newspim reported that KakaoBank has advanced its “Kakao Coin” project from the review stage to the development phase of a won-pegged stablecoin.

According to the report, the South Korean IT firm is “fully committing its capabilities to execute its stablecoin strategy,” which will be centered on its affiliate KakaoBank. Financial industry sources told Newspim that the company recently started recruiting blockchain service backend developers for its new Business Serv

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