Two Asia-based fintech companies, Line Next and Kaia, have launched a stablecoin superapp aimed at facilitating cross-border payments.
Line Next operates as the web3 division of the Japanese messaging platform Line, while Kaia is a public blockchain based in South Korea. The stablecoin initiative, called Project Unify, is set to roll out later this year.
This app will utilize a stablecoin and will be integrated into the Line Messenger platform, which boasts nearly 200 million monthly users across Japan, Taiwan, and Thailand. The app aims to combine payments, remittances, stablecoin yield services, and seamless conversions between digital tokens and fiat currencies.
Sangmin Seo, Chairman of the Kaia DLT Foundation, noted that the project addresses the “often overlooked” challenges of stablecoin infrastructure by providing a “universally compliant” service for stablecoin issuance and liquidity management.
Recently, interest in stablecoins has surged, as market participants regard this digital currency as a means to bridge the reliability of fiat currencies with the technological advantages of the crypto world. This momentum has been further fueled by the passage of the Genius Act in the US, which establishes a regulatory framework for stablecoin usage.
South Korea is expected to announce its own regulatory framework for stablecoins in October. However, the global stablecoin market is still in its infancy, requiring more clarity regarding the role of banks, interoperability between blockchains, and regulatory consistency across different jurisdictions.