Written by: KarenZ, Foresight News

On September 25, the news of South Korea's largest search engine and portal site Naver acquiring Upbit operator Dunamu has attracted significant attention in the industry.

Following the announcement, Naver's stock price surged by approximately 10%. This business merger may actually be a strategic move by Naver to target dominance in the Korean won stablecoin market. Naver is attempting to seize a first-mover advantage in the Korean won stablecoin sector, creating a vertical business system of "Naver-Naver Financial-Dunamu" to reshape the future landscape of digital finance in South Korea.

Core of the Transaction: Interest Balance Under Equity Restructuring

According to exclusive information obtained by South Korea's Dong-A Ilbo, this transaction is being advanced through a comprehensive stock exchange between Naver's financial subsidiary Naver Financial and Dunamu: Naver Financial will issue new shares in exchange for all shares held by Dunamu's existing shareholders. Upon completion of the transaction, Dunamu will become a wholly-owned subsidiary of Naver Financial, and its original shareholders will become shareholders of Naver Financial.

The transaction is currently in its final stages, with a special task force formed by both parties conducting precise calculations on the stock exchange ratio, as the reshuffling of the equity structure conceals a delicate balance of interests.

Dong-A Ilbo reports that Naver Financial's largest shareholder is Naver, holding approximately 75% (including convertible preferred shares), while the remaining shares are held by companies under Mirae Asset Financial Group. Dunamu's main shareholders include Dunamu Chairman and Board Chairman Song Ji-hyung (approximately 25.5%), Vice Chairman Kim Hyung-nyeon (13.1%), Kakao Investment (10.6%), Woori Technology Investment (7.2%), and Hanwha Investment & Securities (5.9%).

Although this merger may lead to the dilution of Naver's equity, according to Dong-A Ilbo, through precise design of the exchange ratio, Naver will ensure it maintains its position as the largest shareholder in the merged Naver Financial, laying the foundation for subsequent business integration.

Synergy Between Naver and Upbit

The core logic of this merger lies in the synergy between Naver and Dunamu within the digital economy industry chain — the former controls traffic entry and payment networks, while the latter specializes in virtual asset trading and is launching a layer two public chain and exploring stablecoins. The integration of the two is giving rise to a new business ecosystem.

Naver is not only South Korea's largest search engine and portal site but also the parent company of the social platform LINE. Through its subsidiary Naver Financial, it has created the national-level payment tool Naver Pay. As the internet company with the highest market capitalization in the South Korean stock market (34 trillion won), Naver's influence in South Korea's digital life is nearly ubiquitous.

According to Naver's Q2 financial report, the company generated 2.9151 trillion won in revenue (approximately $2.08 billion) in the second quarter, an 11.7% year-on-year increase, thanks to strong growth in its main business sectors such as search platform and commerce. The search platform and commercial revenue accounted for the majority, at 1.0365 trillion won and 861.1 billion won, respectively, followed by fintech revenue (411.7 billion won) and content revenue (474 billion won). The operating profit for the second quarter reached 521.6 billion won, with a net profit of 497.4 billion won.

Notably, Naver Pay's payment volume in Q2 2025 increased by 18.7% year-on-year, reaching 20.8 trillion won, penetrating daily life scenarios such as shopping, transfers, and financial services, and has already evolved from a simple payment tool to a core builder of South Korea's digital financial infrastructure. It is worth mentioning that NAVER Pay also acquired 70% of the unlisted stock trading platform Securities Plus for approximately 68.6 billion won in September, aiming to promote market institutionalization and revitalize the ecosystem for small and medium-sized enterprises and startups.

Dunamu, on the other hand, is the operator of South Korea's largest virtual asset exchange, Upbit, demonstrating strong profitability and technological layout capabilities.

Dunamu's 2024 financial report shows that its operating profit for the entire year of 2024 reached 1.18 trillion won (approximately $809 million), an 85.1% year-on-year increase; net profit reached 983.8 billion won (approximately $671 million), a 22.2% year-on-year increase. In Dunamu's first half of 2025 financial report, the operating profit for the first half reached 549.1 billion won, an 11% increase compared to the same period last year (494.7 billion won). Dong-A Ilbo cites analysis predicting that the operating profit based on the merger could increase by more than 1 trillion won ($714 million) annually.

In fact, the synergy between the two has long been foreshadowed. In early July 2025, Dunamu reached a cooperation agreement with Naver Pay to jointly promote the Korean won stablecoin payment business, with Naver Pay leading and Dunamu providing technical support. This move is seen as an important signal of the merger.

Dunamu also officially launched the Ethereum Layer 2 solution GIWA chain and went live with its testnet at the Upbit Developer Conference (UDC) 2025 on September 9, with its CEO Oh Kyung-seok clearly stating, "GIWA will become a practical blockchain serving the financial sector."

Regulatory Window: Strategic Opportunities for the Korean Won Stablecoin

After the Lee Jae-myung government took office, the Korean won stablecoin was listed as a priority agenda for financial digitalization, opening a critical regulatory window for market participants.

In June 2025, the ruling Democratic Party of Korea proposed the "Digital Asset Basic Law," intending to allow companies to issue stablecoins.

In July 2025, a member of the National Assembly from the Democratic Party submitted a draft law on the issuance and circulation of value-stable digital assets, claiming it to be South Korea's first comprehensive legislation to institutionalize stablecoins as part of the national currency order and innovative financial system. The draft requires that before issuing stablecoins, a white paper containing "total issuance, circulation plan, reserve asset composition, and redemption method" must be submitted to the Financial Services Commission, and the issuer must prepare product descriptions and fulfill market disclosure obligations. Additionally, all stablecoins must be backed by highly liquid physical assets, covering at least 100% of their issuance balance, including cash, demand deposits, and government and local government bonds with a remaining term of one year or less.

Furthermore, the Democratic Party of Korea announced on the 24th that it would establish a digital asset task force in the National Assembly, planning to advance the formulation and legislation of Korean won stablecoin policies.

At the same time, the Bank of Korea has suspended further testing of CBDCs and deposit tokens, bringing the private version of the Korean won stablecoin to the forefront.

In this policy environment, whoever can be the first to launch a compliant and efficient Korean won stablecoin product may occupy a high ground in the future digital finance competition. Naver has clearly keenly captured this strategic opportunity, and the acquisition of Upbit is a key step in achieving its goals.

What Are the Impacts of the Merger?

The combination of Naver and Upbit achieves a perfect complement of traffic, technology, market channels, and compliance experience, providing strong support for the research and promotion of the Korean won stablecoin.

As a South Korean internet giant, Naver has a vast user base and rich application scenarios. Its subsidiary Naver Financial has accumulated certain experience in the payment and fintech fields, while Naver's own search, shopping, and social businesses can provide a broad landing space for the Korean won stablecoin, forming a complete ecological closed loop from C-end daily payments to B-end commercial settlements.

In terms of commercial value, Dunamu's high profitability will directly enhance Naver's financial performance. More critically, the synergy potential between the two in the Korean won stablecoin sector — Naver Financial is responsible for issuance, Upbit provides blockchain infrastructure and trading support, and Naver Pay promotes scenario landing, forming a complete commercial closed loop. If this model is implemented, it could achieve profit growth through diverse channels such as reserve fund operations, mortgage interest, and credit card fee savings.

In terms of industrial ecology, the merger is driving Naver towards a transformation into a "super app" covering shopping, finance, and cryptocurrency trading, constructing a full-scenario ecosystem from digital life to Web3 services. This layout also carries South Korea's industrial ambition: in the global competition for "tokenized US stocks," South Korea is attempting to leverage its local market advantages to build an independent digital financial infrastructure centered around the Korean won stablecoin.

In terms of industry competition, Naver's dual advantage of controlling the mainstream payment network and the top virtual asset exchange may create a suppressive situation for competitors like Kakao. Especially in the Web3 field, with the technological reserves of the GIWA chain, stablecoins, and Naver's traffic and social support, the new system is expected to quickly seize market opportunities.

Of course, behind the transformation also lie challenges: how to balance innovation speed with regulatory requirements? How to resolve potential friction during the integration process? And cultivating user habits are all issues that need to be addressed post-merger. However, Naver's mature experience in regulatory communication and policy adaptation may provide assurance for the compliant development of the new system.

Further Reading: "CEX Dark War, South Korea's Largest Exchange Upbit Enters Ethereum Layer 2"

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