Naver Pay and Upbit: Korea Stablecoin Plan Goes On – Naver Financial is working on a complex inventory swap scheme to create Dunamu, the operator of Upbit, a wholly owned subsidiary, alongside the chain Naver -Naver Financial -Dunamu. Regarding current ownership, Naver Financial holds 69% Naver, with Dunamu’s shareholders being 25.5% Chairperson Song Chi-Hyung and 13.1% Vice Chairman Kim Hyung-Nyeon. The goal is to link Naver Pay Payment Infrastructure with Upbit’s virtual asset delivery network to create a silly, ridiculous ecosystem in Korea. However, this is only intended for now, and the companies emphasized:
“There is a discussion going on with a variety of possibilities, but nothing is fixed.”
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Functional separation and expected synergistic effects
Let’s take a closer look at structural components. The design assumes functional separation.
As the payment scenario is NAVER’s wages and liquidity on the upbit side, such a clear portrayal of responsibility between issuance and distribution could reduce operational risk and increase reach. Furthermore, this could create opportunities to compete globally with fintech platforms such as PayPal, Stripe and Coinbase. In July, the parties announced the joint development of the already won stubcoin. Companies estimate that if implemented, the project could generate up to KRW of annual revenues by 2030. This could strengthen leadership in the country’s largest market for virtual assets and blockchain, and extend its impact beyond the current dominance of search, content, e-commerce and fintech.
Governance, Operational Framework, and Scaling Path
There are also some distinct advantages to Dunamu’s transition from a structure with a dominant founder to the status of a major subsidiary of a technology holding company. For example, you can reduce the risks of non-transparent governance and the free resources to focus on new directions.
At the same time, NAVER plans to increase its investment in AI and integrate its technology into Upbit’s service updates. This can form a positive feedback loop. Product quality supports transaction-based growth, while base growth increases return on investment. At the same time, operational separation is maintained. NaverPay and Upbit will continue to work as separate services within a group. From a company’s perspective, we are also considering a future public list of Naver Financial, which is an open question for now.
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Conclusion
The potential integration of Dunamu through Naver Financial could form the complete corporate management of Naver on the country’s leading cryptographic platforms, integrating the issuance and distribution of digital money within a single framework. Additionally, structural changes such as the separation of publisher and distributor roles, preserving operational autonomy for NAVER wages and upbits, and focusing on won stubcoins promise the fundamental benefits and possibilities of managed scaling of ecosystems.
We’ll take a closer look at what the final terms and structure will be if the transaction is made, but it seems very promising for Stablecoin and tokenized asset infrastructure in Southeast Asia.