Circle Teams Up With Kakao and Toss Bank to Explore Stablecoin Payments in South Korea

Stablecoin issuer Circle announced two new partnerships on Thursday, joining forces with Kakao Group and Toss Bank to explore blockchain-based payment infrastructure in South Korea.

Kakao and Toss Bank Join Circle’s Expansion

Circle signed a memorandum of understanding with Kakao Group, the company behind widely used services including KakaoTalk, Kakao Pay and KakaoBank, to explore payment infrastructure built on blockchain technology. Separately, Circle is working with Toss Bank, an internet only bank that has been building out its crypto presence, including a recent partnership with the Solana Foundation for global financial infrastructure.

Builds on Earlier Korean Exchange Deals

These partnerships add to Circle’s growing footprint in South Korea, following April agreements with Upbit and Bithumb, the country’s two largest crypto exchanges that together handle over 95% of daily trading volume. Circle CEO Jeremy Allaire said at the time those deals covered USDC adoption and broader technology collaboration.

Circle’s USDC currently has a total supply of $74.4 billion, compared to rival stablecoin USDT’s circulating supply of $184.3 billion, according to industry data.