Circle signs MOUs with Kakao, Toss to test USDC in South Korea

Circle signed two memoranda of understanding on July 23, 2026 with Kakao Group and with Viva Republica and Toss Bank to explore blockchain-based payment infrastructure and stablecoin use cases in South Korea.

The Kakao Group agreement covers KakaoTalk, Kakao Pay and Kakao Bank. The companies say they will review faster payment and settlement systems, merchant settlement, cross-border remittances and technical links between blockchain networks and existing financial infrastructure. The MOU does not set a launch date or specify an issuance model for any stablecoin.

The Toss Bank MOU focuses on biometric payments, programmable on-chain payments and financial products tied to USDC. Toss Bank will examine how to connect stablecoin infrastructure to traditional bank accounts and fiat payment networks. The parties will assess compliance, risk management, security and anti-money laundering requirements as Korean rules develop.

Circle has been expanding operations in South Korea this year. In April 2026 it signed agreements with Upbit and Bithumb to promote USDC on local exchanges. Circle reported USDC total supply of $74.4 billion as of July 23, 2026. On July 10, 2026 Circle received final approval for Circle National Trust from the U.S. Office of the Comptroller of the Currency.

South Korea listed advancement of a Digital Asset Basic Act as a government priority for the second half of 2026. Several domestic firms have already piloted blockchain payments and stablecoins: Kbank tested remittances with Ripple, and KB Financial Group ran a stablecoin pilot for offline merchant payments and cross-border transfers. The Kakao and Toss MOUs are framed as technical and regulatory reviews while legislation is finalized.

Dante Disparte, Circle’s chief strategy officer, noted that stablecoins and fintech platforms create greater demand for digital payments and that digital finance innovation requires integration with payment networks. Kakao Pay CEO Shin Won-keun, who leads Kakao’s stablecoin task force, stated the companies would “preemptively prepare a Korean digital asset ecosystem with Circle.”