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Naver Sets Sights on Stablecoins with $10.3B Move Amid South Korea's Divided Regulatory Stance

Naver Sets Sights on Stablecoins with $10.3B Move Amid South Korea's Divided Regulatory Stance

Bitget-RWA2025/11/26 12:00
By:Bitget-RWA

- Naver acquires Dunamu (operator of Upbit) in a $10.3B all-stock deal to expand its digital assets footprint and launch a won-backed stablecoin. - The merger aims to integrate Upbit's crypto leadership with Naver's fintech ecosystem, targeting dominance in South Korea's digital finance market. - Regulatory challenges persist due to Korea's divided stance on stablecoin oversight, delaying framework implementation despite corporate advancements. - Naver-Dunamu plans a Nasdaq IPO to compete globally, leverag

Naver Corp. has reached an agreement to purchase Dunamu Inc., the company behind South Korea’s largest cryptocurrency platform Upbit, through an all-stock transaction

, signaling a major move into the digital asset industry. As part of the deal, Naver’s financial subsidiary, Naver Financial Corp., will , resulting in Dunamu becoming a fully owned subsidiary. The acquisition, pending approval from the Korea Fair Trade Commission and compliance with the Act on the Use and Protection of Credit Information, in South Korea’s digital financial sector.

This merger brings together Naver’s extensive ecosystem—which includes e-commerce, digital payments, and content—with Upbit’s dominance in cryptocurrency trading. Upbit controls more than 80% of the nation’s digital asset market and is among the top five global exchanges by trading volume,

to introduce a won-pegged stablecoin and weave blockchain solutions into its various services. will speed up Naver’s efforts to lead the local stablecoin market, using its wide user base and financial network to build an integrated digital ecosystem.

Nonetheless, regulatory obstacles remain as South Korean authorities are split over how to oversee stablecoins.

that banks should control most of the shares in stablecoin issuers to reduce systemic risks, while the Financial Services Commission (FSC) supports broader involvement, including from technology companies. This disagreement has , with lawmakers currently considering three different proposals to set standards for reserves and licensing. Despite the regulatory ambiguity, Naver and other tech leaders are moving forward with stablecoin projects, such as a planned wallet partnership with Hashed and the Busan Digital Exchange.

a public listing on Nasdaq, aiming to rival international fintech and crypto-related businesses seeking access to U.S. capital markets. If the IPO succeeds, Naver-Dunamu could emerge as a major global fintech player, capitalizing on Upbit’s trading activity and Naver’s consumer reach to attract global investors. The plan among crypto companies, such as Bullish and Gemini, that are pursuing U.S. listings to benefit from increasing institutional interest.

Within South Korea, the transaction must overcome both shareholder and regulatory challenges.

are scheduled to vote on the merger in May 2026, and those who disagree will have appraisal rights. The regulatory review process, including merger assessments and shareholder consent, will influence the timeline for Naver’s digital finance goals. At the same time, to lower U.S. auto tariffs—backed by a $350 billion investment commitment—underscore the nation’s focus on balancing trade priorities with innovation in areas like fintech.

As Naver-Dunamu works through these complexities, the acquisition highlights South Korea’s shifting role in the global digital finance landscape. By merging conventional payment systems with blockchain technology, the new entity could reshape regional competition and influence regulatory standards, especially as stablecoin use expands. For now, industry watchers are keeping a close eye on regulatory shifts and the progress of the Nasdaq IPO, which could redefine South Korea’s standing in the worldwide fintech sector.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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