Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Kaia, LINE NEXT to bridge Asia's fragmented markets with stablecoin super app
Kaia DLT Foundation Chairman Seo Sang-min speaks during a press meeting at a hotel in Seoul, Monday. Korea Times photo by Lee Yeon-woo
By Lee Yeon-woo
Kaia DLT Foundation and LINE NEXT are teaming up to launch a super app designed to unify Asia's fragmented financial landscape through stablecoins pegged to local currencies, the two companies said Monday.
A super app provides a marketplace of services and offerings delivered via in-house technology and through third-party integrations.
"We aim to connect Asia through stablecoins," Seo Sang-min, chairman of Kaia DLT Foundation, said at a press meeting Monday. "Asia, home to about 50 countries, is one of the most fragmented regions in the world."
Kaia is a blockchain platform formed in 2024 through the merger of Klaytn, developed by Kakao, and Finschia, created by LINE Tech Plus, a Naver affiliate. It is also one of the 10 global blockchain platforms where USDT (Tether) has been onboarded.
Tentatively named Project Unify, the beta service will be launched later this year. It is designed to integrate and support stablecoins pegged to various national currencies, including the Korean won (projected to take shape), U.S. dollar, Japanese yen, Thai baht, Indonesian rupiah, Philippine peso, Malaysian ringgit and Singapore dollar.
Key features include the ability to earn real-time incentives simply by depositing stablecoins into a wallet, seamless peer-to-peer transfers through in-app messaging, and support for both online and offline payments with cashback rewards.
Whether users send fiat currency or stablecoins, all currency exchange and remittance processes are also handled automatically through Kaia's blockchain layer.
Kim Woo-seok, CSO of LINE NEXT, noted that LINE already holds the largest digital wallet user base in Asia, with 65 million users across 32 countries in the region over the past eight months. "The synergy with LINE, a cross-border messenger platform, could be a significant advantage."
The team said they built the platform to tap into Asia's vast financial potential, which remains underused due to fragmented regulations and low financial inclusion.
According to the World Bank's 2024 estimates of remittance flows, five Asian countries — India, China, the Philippines, Pakistan and Bangladesh — rank among the top 10 remittance recipients, with India alone receiving $129.1 billion.
"Programmable money makes it possible to automate complex financial processes. And with just an internet connection, anyone can access financial services regardless of location or infrastructure," Seo said.
In parallel, the company also announced the formation of a domestic technical alliance focused on stablecoin issuance, bringing together key partners such as Open Asset, Lambda256 and AhnLab Blockchain Company.
"We’re currently in discussions with various issuers, distributors and ecosystem partners," Seo said. "Our goal is to serve as the default blockchain platform for any party moving ahead with a Korean won-pegged stablecoin."