Danal Fintech and JB Jeonbuk Bank Complete Proof of Concept for Won-Based Stablecoin Platform

Danal Fintech announced on April 8 that it has completed a proof of concept (PoC) with JB Jeonbuk Bank, implementing the entire process—from issuance and distribution to merchant payment and settlement—for a won-based stablecoin.

Since the first half of last year, Danal Fintech has been preparing for the institutionalization of stablecoins by developing “IEUM,” a SaaS-based platform that provides modularized, optimized features for banks, trust companies, distributors, and merchants. In this PoC, JB Jeonbuk Bank participated in the distribution and actual process validation using the issued won-based stablecoin, marking the first case of implementing a payment process at a level comparable to a real transaction environment.

In this demonstration, each party had clearly defined roles. Danal Fintech built and provided the bank-optimized IEUM platform and a test app, while JB Jeonbuk Bank repeatedly validated a variety of payment scenarios from both merchant and user perspectives. As a result, the entire end-to-end process—from payment to settlement using the won-based stablecoin held in the app—was verified in an environment similar to actual transactions.

In particular, the demonstration is being recognized as a step beyond a simple technical showcase, as it independently validated both the convenience of merchant collection and settlement, and the user experience (UX) for app users, with a focus on commercial viability.

Additionally, a distinctive element was the approach of retaining the existing structure of banks and trust companies in the financial sector, while only enhancing transaction recording, reconciliation, and automation functions through blockchain—thus reducing the adoption burden for institutional financial institutions.

A monitoring system is also provided. Banks can monitor issuance, burn, distribution status, and real-time transaction history on a single screen, while trust companies can check reserve status in a dashboard format. Merchants can receive settlements easily by adding stablecoins as a payment method, and users can manage asset storage and payments within a single app.

Based on the results of this demonstration, the two companies are also preparing a second PoC targeting foreigners. JB Jeonbuk Bank plans to leverage its strong base of foreign worker customers to conduct a demonstration combining stablecoin payments and international remittance functions. The goal is to verify both domestic payment convenience and international remittance efficiency, thereby expanding the real-world scope of stablecoin usage.

Additionally, parent company Danal plans to link its Binance Pay recharge and payment service, currently under development, to the second PoC in order to enhance the demonstration's effectiveness. In this structure, when foreigners use Binance Pay, the IEUM platform will handle settlement and processing, with JB Jeonbuk Bank’s foreign customer infrastructure expected to play a key role.

A representative from Danal Fintech stated, “IEUM is a platform built from the initial design phase with commercial payment infrastructure in mind, based on years of accumulated digital asset technology. This PoC focused on verifying whether the structure could immediately transition into an actual service after institutionalization.” The representative added, “We will continue to strengthen technological cooperation with banks and consistently introduce services that enhance user convenience.”

This content was produced with the assistance of AI translation services.