Seoul: South Korea's key platform operators have individually partnered with Circle Internet Group Inc., the issuer of the USDC stablecoin, to collaborate on establishing digital asset infrastructure, the involved companies announced Thursday. Kakao Group, known for its popular messenger app KakaoTalk, revealed it has signed a memorandum of understanding (MOU) with the U.S. stablecoin issuer to work together on payment infrastructure and digital asset technology.

According to Yonhap News Agency, Kakao and Circle will explore new business opportunities across various areas of digital finance, focusing on won-based stablecoins and associated services. This collaboration aims to leverage the strengths of both companies to innovate within the digital financial landscape.

Moreover, Toss, a money transfer app managed by Viva Republica and its online-only bank Toss Bank, also entered into a strategic MOU with Circle. This agreement aims to explore partnership possibilities in payment infrastructure and stablecoin technology. Toss highlighted that they intend to test integrating payment systems using biometric authentication in conjunction with stablecoin-based services, emphasizing the potential for advanced financial solutions.