Naver Financial is holding talks with Upbit about a stock swap to fold South Korea’s largest crypto exchange into Naver’s fintech group and to issue a won-backed stablecoin. Digital payments users, Upbit clients, and regulators will all feel the result. The outcome will hinge on regulatory approval and the completion of the swap.
Naver Financial would hand new shares to Dunamu, Upbit’s owner, with no cash changing hands, creating a parent–subsidiary pair. Upbit books between 50% and 73% of domestic crypto trade, and the tie-up would give Naver an instant gateway to wider finance and commerce. The roadmap adds a won-pegged stablecoin meant to challenge global payment rails, while blockchain, AI, and DeFi pieces would be stitched into a single app for shopping, payments, and asset trading.
What will the stock swap and stablecoin plan look like?
Korea’s stablecoin rules are still being written and sit across several agencies, meaning a won coin must clear licensing and custody hurdles. Folding Upbit into Naver also raises questions on tech fit, board control, and KYC/AML standards, alongside shifting systems fit and market rivalry. If the gatekeepers approve, Naver’s finance arm grows and stablecoin checkout could spread among shoppers and institutions.
Approval and a regulatory green light are the next checkpoints. The swap’s completion and the stablecoin’s launch will decide whether the move redraws Korea’s payments and digital-assets map.
