Kakao's Bet on a Korean Won Stablecoin: Can It Reshape Finance? [Crypto Briefing]

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\r\n[The Financial News] Fintech affiliates of Kakao Group, including KakaoBank Corp and Kakao Pay, are accelerating their push into the Korean won stablecoin business and seeking a fresh revaluation as a financial platform that can go beyond the limits of traditional banks. Even amid uncertainty caused by delays in the basic law on Virtual Assets, the company is aiming to seize leadership in the digital asset market by combining KakaoTalk, a powerful national messenger, with Kakao Pay's payment network. However, analysts say the timing of stablecoin's meaningful contribution to earnings and the resolution of legal uncertainty surrounding major shareholders will be key factors for the stock going forward.
According to the financial investment industry on the 8th, KakaoBank Corp's net profit for the first quarter of this year came to 187.3 billion won, up 36.3% from a year earlier. Hana Securities estimated that ordinary net profit, excluding a reclassification gain from the listing of Indonesia's Superbank worth 93.3 billion won before tax, was around 120 billion won.
Its deposit base has also become more solid. Over the same period, the share of low-cost deposits rose to 57.8%, while Group Savings Account products expanded to 16.7% of total deposits.
After the earnings release, the market's biggest focus is the stablecoin momentum. Building a consortium with diverse use cases is essential for expanding issuance. Kakao is seen as having the infrastructure to link everyday remittances, payments, and investments to stablecoins, thanks to KakaoTalk users and the Kakao Pay wallet.
Kim Dong-woo, a researcher at Kyobo Securities, pointed to the Kakao Pay case and said, "If the Agentic artificial intelligence payment market opens up, the stablecoin ecosystem and payment demand in an AI environment will create synergy." He added that in the era of Machine Payment, where AI agents make payments autonomously, stablecoins are likely to emerge as a core payment method.
But the outlook is not entirely rosy. Shinhan Securities noted that the timing of stablecoin and AI services making a meaningful contribution to earnings remains uncertain. KakaoBank Corp's valuation, at around 21.1 times PER and 1.7 times P/B Ratio, is already high compared with traditional banks, so visible results from the stablecoin business will be needed to justify it.
The biggest obstacle is legal uncertainty. The delayed enactment of the General Act on Digital Assets, along with unresolved regulatory risks related to KakaoBank Corp's major shareholder, could also constrain mergers and acquisitions (M&A) involving non-bank financial firms and the expansion of new businesses. Hana Securities said that although the company presents itself as a platform business, most of its revenue still comes from traditional banking, adding that momentum from new businesses will be the key to a higher valuation.
An industry source said, "Kakao's stablecoin strategy will be a bold move to maximize the lock-in effect across the entire Kakao financial ecosystem and improve the efficiency of fund management."
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elikim@fnnews.com Kim Mi-hee Reporter