MoonPay and Woori Bank to Collaborate on Building Korean Won Stablecoin Infrastructure

MoonPay, a global virtual asset payment and stablecoin infrastructure company, is taking the lead in building a Korean won stablecoin ecosystem through the first-ever collaboration with a domestic bank.

On April 30, MoonPay announced that it had signed a memorandum of understanding (MOU) with Woori Bank to cooperate in establishing the won stablecoin infrastructure.

Through this agreement, the two companies plan to discuss ways to collaborate in the areas of global use cases and remittance and payment services for the won stablecoin. MoonPay intends to utilize its global wallet network, payment products, and settlement infrastructure to ensure that the won stablecoin can be used not only for domestic payments and settlements, but also internationally.

MoonPay’s stablecoin infrastructure is a white-label platform that enables institutions, fintech firms, and general companies to issue and operate their own stablecoins independently.

Ivan Soto-Wright, founder and CEO of MoonPay, stated, “By connecting a regulatory-compliant won stablecoin ecosystem with global distribution and settlement infrastructure, MoonPay aims to help Korean financial institutions expand the uses of the won into digital commerce and cross-border financial activities.”

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