Coupang and Woori Bank Complete Verification of KRW Stablecoin Payment Technology

Coupang announced on the 27th that it has completed the verification of real-time settlement technology based on KRW stablecoins in collaboration with Woori Bank. This marks the first case in South Korea to validate the payment and settlement process using KRW stablecoins in an environment identical to commercial services. During the verification process, Coupang successfully implemented a system where Coupang Eats order payments are transferred and settled in real-time to merchants through stablecoins. Woori Bank was responsible for the on/off-ramp process that supports the conversion of funds between stablecoins and fiat currency by linking electronic wallets and bank accounts. The technology was implemented in the 'Tempo' environment, a Layer 1 blockchain specialized for stablecoins, with Tempo being Coupang's initial partner and investor. This project demonstrated the practical usability and operational stability of KRW stablecoins, showcasing the potential to assist small and medium-sized enterprises in cash flow and reduce financial cost burdens. Coupang and Woori Bank plan to strengthen their collaboration on blockchain-based payment technology and continue further technology verifications in the future.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.