Naver Financial Launches Silk Pocket Stablecoin Wallet

TLDR

• Silk Pocket wallet is pegged to the South Korean Won.
• Merger with Dunamu valued at approximately ₩20 trillion.
• Regulatory framework for stablecoins is under development in Korea.

Naver Financial, the financial arm of South Korea’s Naver Corporation, has announced plans to launch a local stablecoin wallet named “Silk Pocket.” This development comes amid the company’s ongoing merger with Dunamu, the parent of South Korea’s largest crypto exchange, Upbit. The initiative is a collaboration with blockchain investor Hashed and the Busan Digital Asset Exchange. The wallet will be pegged to the South Korean Won (KRW), providing both residents and travelers the option to convert global fiat currencies into the KRW stablecoin. This initiative could support cross-border use cases and further Naver’s presence in the digital finance landscape.

The “Silk Pocket” is significant due to its collaborative nature, with key players such as Hashed and the Busan Digital Asset Exchange involved in its development. Hashed, a leading blockchain investment firm in Korea, is offering technical support, while the Busan Digital Asset Exchange is a vital technical and ecosystem partner. The merger with Dunamu is positioned as one of Korea’s largest fintech and crypto deals, involving a stock swap valued at approximately ₩20 trillion (≈$14.5 billion). Following this merger, Song Chi-hyung, chairman of Dunamu, will become the largest shareholder in the new company with a stake of around 28%, while Naver’s share will reduce to 17%.

Key Players in the Stablecoin Initiative

Naver Financial, Dunamu, Hashed, and the Busan Digital Asset Exchange are the main entities involved in the introduction of the “Silk Pocket.” Naver Financial is recognized for its digital payment solutions, primarily through Naver Pay. Dunamu operates Upbit, which leads the Korean crypto exchange market. This merger places Song Chi-hyung as the primary shareholder, which suggests a strategic shift in ownership to facilitate the stablecoin wallet’s development.

Hashed’s involvement, led by influential blockchain figure Kim Seo-jun, focuses on providing technical expertise, while the Busan Digital Asset Exchange strengthens the project’s foundation. This collaboration exemplifies their collective efforts in advancing local digital currencies and blockchain integration within regional payment systems. These partnerships aim to leverage their respective strengths, positioning “Silk Pocket” as a potential leader in the market.

Merger and Market Implications

The major merger between Naver Financial and Dunamu involves a proposed stock swap valued at about ₩20 trillion, highlighting its scale within the fintech and crypto sectors. There is anticipation of the merged entity pursuing a Nasdaq listing with a potential valuation approximating $34.5 billion. Dunamu reported KRW 1.186 trillion in operating profit at the end of 2024 and a net income of $165 million for Q3 2025, reflecting a 300% year-on-year growth. This financial momentum underpins the merger’s long-term strategic goals.

The stablecoin wallet is expected to affect the realm of KRW-pegged stablecoins, facilitating crypto market integration. As it connects with Naver Pay and Upbit, significant crypto assets like Bitcoin (BTC), Ethereum (ETH), and select altcoins on Upbit’s platform might experience enhanced fiat on- and off-ramp flows. This aligns with the utility and adoption growth seen in other Upbit-listed assets. Naver Financial’s expanding market integration could alter the existing cryptocurrency trading landscape in South Korea.

Regulatory Framework and Launch Expectations

South Korea’s Financial Services Commission (FSC) is developing a stablecoin-specific bill, which may shape the legal framework for “Silk Pocket.” While the rollout of merchant integration or international expansion may face delays due to regulatory preparations, the completion of product development signals readiness for launch. More information is anticipated during Blockchain Week Busan 2025, where industry insiders expect new announcements.

Busan Bank is exploring on-chain migration for its regional payment system, Dongbaekjeon, suggesting an institutional shift towards blockchain technology. Given Dongbaekjeon’s 1.5 million monthly active users, the on-chain migration indicates potential growth for the new ecosystem as blockchain solutions become more prominent. The collaboration involving Dongbaekjeon also hints at possible transitions from conventional payment systems to digital solutions within Korea’s financial landscape.

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