South Korea’s Naver Financial ‘Discussing’ Upbit Stock Swap, Eyeing Stablecoin Market

South Korean internet giant Naver Corporation is in talks with crypto exchange Upbit operator Dunamu over a possible share swap that could bring the country’s largest exchange under the Naver group.

Naver shares rose as much as 11.4% on Thursday, per Google Finance data, after local outlet Chosun reported the companies had agreed to a comprehensive stock swap.

The report described a deal that would make Dunamu a subsidiary of Naver Financial, the group’s fintech arm, giving the tech giant direct control of Upbit and positioning it for a deeper move into crypto markets.

Naver filed a disclosure with the Korea Exchange addressing reports that it had agreed to a share swap with Dunamu, operator of Upbit. In the filing, Naver stated that it is “discussing various forms of cooperation with Dunamu, including the possibility of a share exchange as well as projects involving “stablecoins and unlisted stock trading.”

No additional details or methods have been finalized, but Naver has committed to re-disclose within a month or once specific terms are confirmed. In a statement shared with Decrypt, a Dunamu spokesperson said that, “Beyond discussions on stablecoins and unlisted stock trading platform, Dunamu and Naver Pay are exploring a range of additional collaborations,” adding that, “No further details or specific agreements have been finalized at this time.”

Naver and Dunamu

The talks build on a partnership announced in July when Naver Pay and Dunamu revealed plans for a KRW stablecoin.

That project positioned Naver as lead issuer with Dunamu in a supporting role, marking one of the first attempts to create a large-scale won-backed token ahead of new legislation. Earlier this month, Dunamu unveiled that it had been working on a custom Ethereum layer-2 blockchain called “GIWA” designed to open up new infrastructure for stablecoins and payments.

South Korean lawmakers are expected to table a stablecoin bill in October that would clarify issuer requirements, reserve rules, and audit standards. Major stablecoin players Tether and Circle have taken meetings with top executives from the country’s financial groups as early as August.

If the deal is completed, Naver would be the first major South Korean platform to fully integrate an exchange into its financial ecosystem. The company already dominates search, messaging, and payments in South Korea, and adding Upbit could accelerate cross-selling of its financial verticals, stablecoin adoption, and new trading products.