Naver Financial, together with Hashed and BDAN, is preparing the launch of a stablecoin wallet called Bidan Jumoni in Busan, scheduled for December 2025. The project aims to convert the regional Dongbaek-jeon system into a digital stable currency to facilitate real-time settlements and expand integration with Naver Pay Wallet.
Development of Bidan Jumoni began in May 2025 and is in its final verification phase before deployment planned for December. Hashed is responsible for the underlying Web3 infrastructure, while BDAN provides local integration and operational backing linked to Busan’s digital strategy, aligning the rollout with the city’s digital priorities.
The technical objective is to tokenize the Dongbaek-jeon, a regional currency that until now operated as a prepaid system with cashback incentives. In this case, the conversion will seek to transform the Dongbaek-jeon points model into a stablecoin-backed solution, enabling real-time settlements on the local payment network and improving the experience for residents and tourists.
The Dongbaek-jeon has a significant user base of around 1.5 million monthly users, with issuance tied to local banking institutions including BNB Busan Bank. This existing scale informs the design of Bidan Jumoni, which targets immediate utility and continuity for current participants in the regional payments scheme.
The wallet is conceived to integrate with Naver Pay Wallet as the mass-access channel, reported at 33 million users and over 80 trillion won in annual transaction volume. The technical integration will allow traditional payment flows to coexist with stablecoin balances within Naver’s ecosystem, conditioning the potential scale and adoption path for the new service.
Regulatory and strategic-financial implications
The project has clear regulatory implications, as extensive adoption of a domestic stablecoin depends on a specific stablecoin framework in South Korea. A recent example of regulatory risk is the $25.7 million fine imposed by the financial intelligence unit on Dunamu for AML/KYC failures, a precedent that illustrates regulators’ attention to compliance controls and the standards expected for digital asset services.
On the business side, the initiative aligns with a larger Naver strategy that would contemplate the acquisition of Dunamu, operator of Upbit, for an estimated $34.5 billion (50 trillion won). If realized, that transaction would combine Naver’s customer base and payment capabilities with Dunamu’s market infrastructure, and could pave the way for a won-linked stablecoin at a national scale.
Bidan Jumoni represents a local testing ground with potential national reach.
