Kaia and LINE NEXT unveil stablecoin-powered super-app to expand Asia’s Web3 market

In this post:

• Kaia and LINE NEXT have collaborated to launch a stablecoin-powered Web3 super-app called Project Unify.
• The beta app is expected to be released this year and will include key features such as payments, remittances, yield, and access to more than 100 Web3 apps.
• Project Unify will include an SDK to allow developers and issuers to integrate stablecoin features across markets.

Kaia DLT has revealed plans to launch a stablecoin-powered super-app in collaboration with LINE NEXT. The app aims to financially connect Asia, where the fintech infrastructure and market segments are highly fragmented due to its unique diversity. 

Kaia and LINE NEXT will launch the stablecoin-powered Web3 super-app called Unify. It will be available as a Kaia-powered standalone service and as a Mini Dapp operated by LINE NEXT. Its beta service, launched this year, will introduce consumer-centric Web3 and fintech functions, such as stablecoin yield, payments, remittances, on/off-ramps, and Web3 apps.

Unify the super-app to include a stablecoin SDK for developers and issuers 

According to Kaia’s press release, the Unify app will allow users to deposit stablecoins and receive real-time incentives, send tokens to contacts via messages, make payments, and receive paybacks for both online and offline merchants, introduce on/off-ramp solutions, and enable access for more than 100 Web3 applications.

Kai and LINE NEXT released several Mini Daaps in January this year, which have attracted over 130 million newly registered users to the platform. The latest revealed plan builds on their continued innovation to scale into the full Unify app, which will be available on the Web and mobile app. The app will be integrated with LINE NEXT’s Daap portal, and the features will be adapted to Asia’s local regulatory environments.

The Unify app is a response to Asia’s growing stablecoin competition. It is a gateway for issuance, payments, and yield generation by connecting several currencies into one platform. The app has been designed to support tokens pegged to currencies, including the USD, Japanese yen, Thai baht, Korean won, Indonesian rupiah, Philippine peso, Malaysian ringgit, and Singapore dollar.

Unify will also be included with a software development kit (SDK) for issuers and developers. Issuers will use the SDK to expand cross-border distribution and create liquidity while developers embed stablecoin functionality into their applications. 

The current stablecoin market cap is $292.672 billion, with USDT holding the largest market share of 58.76%. Circle’s USDC follows closely, with an approximately 25% market share.

Kaia’s chairman says Unify will dominate the Asian market

Yongsu Ko, LINE NEXT CEO, commented that the launch is a response to the region’s growing interest in stablecoins. He noted that they have identified both the needs and potential for stablecoins, and they plan to lead the expansion of Asia’s stablecoin ecosystem through the introduction of the Unify app.

Dr Sam Seo, Chairman of the Kaia DLT Foundation, positioned the planned launch as a strategic move towards dominance. He said Project Unify is Kaia’s strategic project to seize the opportunity to dominate the Asian stablecoin market. He added that it offers diverse convenience-enhancing fintech and entertainment services. He also highlighted the stablecoin orchestration layer of the app, which positions Kaia uniquely to consolidate and drive cross-border financial inclusion for Asia’s highly fragmented payment infrastructure.

Kai was formed via a merger of Klaytn and Finschia blockchains and is now integrated with LINE and Kakao messaging apps. The network has a combined access to more than 250 million users. According to a Kaia press release, the Unify platform will reach these users and allow them to access Web3 functionality with the ease of Web 2 platforms. 

Cryptopolitan reported last month on how the Asian stablecoin market is grappling to catch up with the U.S., especially after the passing of the GENIUS Act into law. According to the report, the regulatory authorities rushed to establish frameworks for stablecoins, which had received full backing for dollar-pegged tokens. In South Korea, the ruling party proposed the Digital Asset Basic Act, which triggered concerns from the Bank of Korea, warning that private stablecoins could disrupt monetary stability.