Coupang and Woori Bank Complete Won-Denominated Stablecoin Payment Trial in South Korea

Coupang and Woori Bank completed a proof-of-concept (PoC) on July 27 for won-denominated stablecoin-based payment and settlement technology, marking the first domestic case in South Korea to validate the full process from payment through real-time settlement and on/off-ramp conversion in a production-equivalent environment. The trial demonstrated that Coupang Eats order payments can flow through the stablecoin to merchants in real time, with Woori Bank implementing the on/off-ramp process linking digital wallets to bank accounts for conversion between stablecoins and fiat currency.

The validation used the Tempo blockchain, a layer-1 network designed for stablecoins and backed by Coupang as an early partner and investor. The two companies signed a strategic memorandum of understanding to expand blockchain-based payment collaboration, with plans for further technical verification as regulatory frameworks for won stablecoins develop.