Coupang and Woori Bank completed a proof-of-concept for KRW stablecoin-based real-time payment and settlement technology on the 27th. The companies verified the entire process from payment through real-time settlement to on/off-ramp conversion in an environment identical to actual services. This marks the first domestic case of verifying the complete stablecoin payment cycle using KRW-pegged stablecoins, according to the companies.
Coupang Eats Orders Verified Through Stablecoin Settlement Process
Coupang stated that the PoC successfully implemented the complete process where Coupang Eats order payments are transferred and settled to merchant owners in real-time through KRW stablecoins across various scenarios. Woori Bank handled the implementation of on/off-ramp processes that connect electronic wallets with bank accounts to support fund conversion between stablecoins and fiat currency.
The technical verification was conducted based on Tempo, a Layer-1 blockchain specialized for stablecoins. Coupang participated as an initial partner and investor in Tempo. The company stated that if the KRW stablecoin-based settlement system is commercialized, it can increase the cash flow speed for small and medium-sized business owners and reduce financial costs.
Tempo Blockchain Provides Technical Infrastructure for PoC
Tempo is a fintech startup where Coupang serves as an early partner and investor. Global financial and payment companies including Stripe, Visa, Mastercard, and Deutsche Bank are cooperating as key partners with Tempo.
The companies stated that if the distributed KRW stablecoins are utilized like actual currency across various services including Coupang, they could contribute to expanding the distribution ecosystem.
Coupang and Woori Bank Sign Strategic MOU for Blockchain Payment Cooperation
Both companies signed a strategic memorandum of understanding (MOU) alongside this PoC and agreed to expand cooperation on blockchain-based payment technology. They plan to continue pursuing additional technical verification in line with the timing of future institutionalization related to KRW stablecoins.
A Coupang official stated, "We will work to increase customer convenience through various innovative technologies including stablecoins, while striving to realize mutual prosperity with Coupang partners and inclusive finance."
A Woori Bank official stated, "This PoC is a meaningful case that preemptively verified the applicability of KRW stablecoins for payment and settlement," adding, "We will continue to expand KRW stablecoin-based financial innovation going forward."
FAQ
What did Coupang and Woori Bank complete on the 27th?
Coupang and Woori Bank completed a proof-of-concept for KRW stablecoin-based real-time payment and settlement technology. The companies verified the entire process from payment through real-time settlement to on/off-ramp conversion in an environment identical to actual services, marking the first domestic case of such comprehensive verification.
Which blockchain platform was used for the stablecoin PoC?
The technical verification was conducted based on Tempo, a Layer-1 blockchain specialized for stablecoins. Coupang participated as an initial partner and investor in Tempo, which also cooperates with global financial companies including Stripe, Visa, Mastercard, and Deutsche Bank as key partners.
What agreement did Coupang and Woori Bank sign regarding future cooperation?
Both companies signed a strategic memorandum of understanding (MOU) to expand cooperation on blockchain-based payment technology. They plan to continue pursuing additional technical verification in line with the timing of future institutionalization related to KRW stablecoins.
