Naver Pay: "Stablecoins can't be pursued alone...Industry collaboration is essential"

Naver Pay has indicated the possibility of promoting a consortium-based stablecoin business.

Lee Byung-kyu, a director at Naver Pay's Innovation Growth Support Office, stated at the 'Korean won Stablecoin: Opening of the Digital Won Era' seminar held at the National Assembly Members' Office Building in Seoul on the 18th, "Naver Pay cannot pursue (the stablecoin business) alone." He added, "The stablecoin business is an area that is difficult for a single company to pursue exclusively," and emphasized, "For stable issuance and operation, close connection and collaboration with various financial and technology companies—such as issuers, banks, and blockchain firms—are essential."

Regarding the stablecoin business, Lee emphasized, "We are still at the stage of internally raising 'questions'." He continued, "Once the questions and answers are somewhat organized, we plan to continue dialogue and cooperation with various partners," and noted, "(For the stablecoin business), only by combining the infrastructure and capabilities held by each party can we achieve balanced fulfillment of all elements such as issuance stability, payment convenience, security, and regulatory compliance."

The competitiveness of Naver Pay was also discussed. Lee commented, "As discussions on the introduction of the Korean won stablecoin have gained momentum in Korea, it is now a crucial time to move beyond mere possibility and prepare for full-scale introduction and utilization," and predicted, "Easy payment providers like Naver Pay will be able to play a leading role in this transformation."

He also said, "Naver Pay, based on its more than 30 million users, has built easy payment infrastructure domestically and internationally, and possesses the technology and experience needed to naturally integrate stablecoins into its payment and remittance network. The know-how gained from building the 'point ecosystem' will also be incorporated into stablecoin operations, enabling the company to provide tangible benefits that users can actually experience."

Lee also stressed the need to open up the stablecoin industry. He stated, "It is essential to establish technical and institutional safeguards in the process of designing the system, and to set up a preemptive risk management framework through stakeholder consultations," adding, "What is most important in this process is to create an open competitive environment in which a variety of technology companies—not just specific industries or existing financial institutions—can participate, rather than maintaining a closed and industry-centric structure."

Meanwhile, last month Naver Pay formed a 'Korean won stablecoin alliance' with Upbit, the largest domestic virtual asset exchange. Upbit stated, "(For collaboration), detailed plans will be discussed together once the laws and regulations are in place."