As the world of cryptocurrency continues to evolve, South Korea’s fintech landscape is gearing up for an exciting transformation. Naver Financial, the innovative arm of tech powerhouse Naver, is set to launch a cutting-edge stablecoin wallet in Busan next month. This development is not just about technology; it’s part of a broader initiative to infuse the local economy with blockchain capabilities and modernize transactions for residents and visitors alike.
Imagine being able to stroll through the bustling streets of Busan and seamlessly convert your fiat currency into a stablecoin variant of the city’s regional currency, Dongbaek-jeon. Naver’s upcoming service is designed to do just that, creating a state-of-the-art payment experience for roughly 1.5 million monthly users. With the expertise of venture capital firm Hashed and the Busan Digital Asset Exchange (BDAN) backing this initiative, the infrastructure is robust and ready to support local commerce.
But why does this matter? The introduction of the stablecoin wallet signifies a shift toward a more digitized and efficient financial ecosystem. Dongbaek-jeon, currently offered as a prepaid payment card with enticing cashback rewards, aims to uplift local businesses struggling amidst economic pressures. This push from Busan’s government not only modernizes the payment landscape but also fosters community engagement and spending.
As the project progresses, the vision is for BNK Busan Bank—issuer of the Dongbaek-jeon—to transition to a fully stablecoin-backed system. This would modernize the issuance process, enabling real-time transactions across Busan’s payment network, far surpassing the capabilities of the previous point-based model. Exciting times lie ahead as Naver Financial plans to integrate this new wallet with its existing Naver Pay Wallet, which already features cryptocurrency custody options. Yet, a crucial factor remains: the rollout will depend heavily on South Korea’s forthcoming regulations surrounding local-currency stablecoins. This regulatory gap has caused a slowdown in similar fintech projects across the country, so eyes are on the government to set the groundwork for safe and innovative financial solutions.
Big exchange acquisition today. Naver (South Korea’s Google) bought Upbit. Upbit has 70% of the Korean exchange market and Naver has 25M+ users. Really smart deal, Naver pumped 11% on the deal. pic.twitter.com/h7NWZBIKCr— Yano 🟪 (@JasonYanowitz) September 25, 2025
The genesis of this project dates back to May when Naver teamed up with Hashed and BDAN to provide the essential blockchain infrastructure. The potential merger between Naver and Dunamu, the operator of Upbit—South Korea’s dominant crypto exchange—heightens the stakes further. Current speculation suggests a stock-swap deal is on the horizon, which could position Dunamu under Naver’s vast umbrella, potentially ahead of an enticing Nasdaq listing.
Meanwhile, Naver’s financial performance remains robust, reporting third-quarter revenues reaching 3.14 trillion Korean won (approximately $2.32 billion) with an operating profit of 570.6 billion won (around $422.6 million). Dunamu isn’t lagging either, boasting a significant revenue jump of 35% in the same period, indicating that both companies are riding high on the growing interest in the cryptocurrency space.
Additionally, South Korean retail investors have recently shown a considerable appetite for US technology and crypto stocks, pouring a staggering $1.24 billion into these sectors during the Chuseok holiday. The recent trading frenzy has been largely focused on leveraged ETFs and high-growth stocks, capturing the optimism surrounding the resilience of US tech and the hopes for domestic economic stimulus. Among the top picks, investors favored the Direxion Daily Tesla Bull 2X ETF, leading with $151 million, closely followed by other infrastructure and tech stocks.
What’s next for Busan and its digital currency ambitions? The stablecoin wallet is poised to transform the fabric of economic interactions in the city. As regulations catch up with innovation, the future may herald a vibrant blockchain ecosystem elevating Busan’s status as a digital economy leader. Are you ready to embrace the digital currency revolution? Stay tuned as we continue to track these profound changes in the world of finance.