Naver Financial Introduces Silk Pocket Wallet for Stablecoins

Silk Pocket Wallet Launch: Naver Financial is set to launch a stablecoin wallet called "Silk Pocket," pegged to the South Korean Won, in collaboration with Dunamu, Hashed, and the Busan Digital Asset Exchange, aiming to enhance digital finance and cross-border transactions.

Merger Details: The merger between Naver Financial and Dunamu, valued at approximately ₩20 trillion, positions Song Chi-hyung as the largest shareholder, indicating a strategic shift in ownership to support the development of the stablecoin wallet.

Market Impact: The introduction of the Silk Pocket wallet is expected to influence the KRW-pegged stablecoin market and enhance fiat on- and off-ramp flows for major cryptocurrencies on Upbit, potentially transforming South Korea's cryptocurrency trading landscape.

Regulatory Developments: South Korea's Financial Services Commission is working on a stablecoin-specific regulatory framework, with expectations for further announcements during Blockchain Week Busan 2025, while Busan Bank explores blockchain integration for its payment systems.