Naver Financial is set to introduce a stablecoin wallet in Busan to digitize the Dongbaek-jeon currency, modernizing payments for 1.5 million monthly users. The project, developed with Hashed and BDAN, awaits South Korea’s stablecoin regulations for full implementation. Naver’s wallet is integrated into Naver Pay Wallet, pending regulatory approval.

The wallet allows users to convert fiat currency into a stablecoin version of Busan’s regional currency, Dongbaek-jeon, designed to boost local business spending. BNK Busan Bank is exploring a transition to a stablecoin-backed system for real-time settlement. Naver’s project with Hashed and BDAN aims to connect to the existing Naver Pay Wallet.

Naver’s stablecoin wallet in Busan is part of a reported merger plan with Dunamu, the operator of Upbit exchange. Naver posted strong third-quarter revenue of 3.14 trillion Korean won ($2.32 billion), while Dunamu saw a 35% revenue increase. South Korean investors poured $1.24 billion into US tech and crypto assets during the Chuseok holiday, led by leveraged ETFs and high-growth stocks.

Read more at Yahoo Finance: South Korea’s Naver to Launch Stablecoin Wallet With Hashed and BDAN