Upbit is South Korea’s largest exchange with $2.9 billion daily trading volume, per CoinMarketCap.
In recent crypto news, Naver Financial, the fintech arm of Korea’s top internet portal Naver, will incorporate Dunamu, operator of crypto exchange Upbit, as a subsidiary via a share exchange, local media reported Sept.
The companies say the deal, a stock swap, will give Naver control of Upbit and fund a won-pegged stablecoin project.
Naver processes roughly $58 billion in annual payment volume, and Upbit is the No. 1 exchange in South Korea, No. 4 globally by volume.
After the news, Naver’s stock jumped about 11.4%. Industry sources told Chosun that the “collaboration will serve as a stepping stone” toward Naver’s global fintech ambitions.
Korean reports say Naver and Dunamu will jointly create a won-backed stablecoin ecosystem as part of their expanded fintech push.
The partners plan large-scale investments in fintech and AI startups overseas along with the stablecoin initiative.
Domestically, eight major banks announced in June plans to issue a won-pegged stablecoin by late 2025 or early 2026.
Bank of Korea officials have backed letting the banks be the primary issuers of stablecoins initially.
The administration of President Lee Jae-myung has taken a pro-crypto stance, including pushing legislation to legalize stablecoins.
Crypto trading is surging in Korea, as reported in more recent news. As of Feb. 2025, domestic crypto exchange accounts topped 16 million, nearly a third of Korea’s 51 million population, and analysts expect this may reach 20 million by year-end.
In fact, Upbit is already collaborating with Naver Pay on a won-based stablecoin project, underscoring the momentum behind the sector.
Upbit continues to dominate trading volume: on Sept. 9 it held roughly 50.6% of Korea’s exchange volume, Bithumb 46%, after exceeding 80% in past months.
The timing is notable: Korea Blockchain Week is underway in Seoul, drawing global crypto executives.
This week also saw rival exchange Bithumb strike a crypto-finance partnership with a U.S.-linked venture.
A Naver-Dunamu tie-up would rank among Korea’s largest fintech deals. Industry data project South Korea’s crypto market will generate about $1.1 billion in revenue in 2025.
Naver Pay is already one of Korea’s most widely used digital wallets, competing with Kakao Pay, Toss and major banks.
Bringing Upbit and a won-pegged Naver stablecoin together could turn Naver into a true crypto “super-app.”
For example, a Naver-issued, won-backed stablecoin would let users convert between won and cryptocurrency seamlessly on the platform.
The stablecoin plan would tie Naver’s payment services, shopping and crypto trading into one ecosystem, linking everyday transactions with the new crypto venture.
If regulators approve the move, the stablecoin could become a key part of Naver’s push to blend e-commerce and finance through blockchain technology.
On Wednesday, in crypto news, Hyperliquid introduced USDH, its first dollar-pegged stablecoin, with the USDH/USDC pair recording roughly $2.2 million in initial trading volume.
Hyperliquid’s launch of a USD-backed token gives the exchange another dollar trading pair while allowing it to retain more trading and collateral activity inside its network.
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