KakaoBank Corp

KakaoBank reported higher second-quarter net income, which rose to KRW 140.75 billion from KRW 126.26 billion a year earlier. Operating income increased to KRW 193.98 billion from KRW 170.13 billion, while sales climbed to KRW 828.98 billion from KRW 778.03 billion. The South Korean internet-only mobile bank's shares were trading 1.15% lower at KRW 21,600 on the Korean Stock Exchange.

Stablecoin issuer Circle announced on July 23 that it has signed a memorandum of understanding with South Korean IT giant Kakao Group to collaborate on blockchain-based payment infrastructure and digital asset technology. The two companies will jointly explore the potential use of USD Coin and Circle's global payment network in the South Korean market, evaluating business opportunities such as payments using USDC, clearing and settlement, and connectivity with digital asset services. Kakao Group includes Kakao, which operates the messaging app KakaoTalk, as well as Kakao Pay and KakaoBank, and the partnership will examine possibilities for combining each company's digital platforms and financial services with Circle's blockchain technology. On the same day, Circle also announced similar MOUs with Viva Republica, which operates Toss, and Toss Bank, to explore cooperation on blockchain payment infrastructure and stablecoin technology.