On June 23, according to Seoul Economic Daily, South Korean payment giant Kakao Pay has officially launched the Korean won stablecoin business. On June 17, the company applied to the Korean Patent Office for 18 trademark rights. These trademarks combine "KRW"(Korean won symbol) with the letters "K" and "P" that represent Kakao Pay, such as "KRWKP","KWRP" and "KPKRW". These trademarks are classified into fields such as virtual asset financial transactions, electronic transfers and intermediary services. Kakao Pay said that although "specific plans have not yet been determined," this is "pre-registering trademark rights for the stablecoin business." Industry insiders believe that Kakao Pay's move is to seize the market, especially in the context of South Korean politicians 'proposal of the Basic Law on Digital Assets, which will allow private companies to issue Korean won stablecoins.