INITECH Begins Phase 2 of KRW Stablecoin PoC...Aims to Lead Blockchain Payment Infrastructure

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INITECH, a security and financial IT company, is expanding its won-based stablecoin business through its subsidiary, KCLONE.

On March 20, INITECH announced that it has begun Phase 2 of the Proof of Concept (PoC) for the “KRWIN” project, a fiat currency-backed stablecoin targeting overseas non-residents.

In this second phase, the company will focus on verifying the practical usage infrastructure by building a payment and settlement hub, based on the global exchange BitMart listing completed in Phase 1.

Currently, companies and financial institutions are continuing preparations for building a won-based stablecoin ecosystem, but the commercialization of such coins as issuance and payment methods is being delayed due to prolonged discussions on relevant laws and regulations. In response, INITECH plans to break through current market limitations with its “integrated payment hub” strategy.

The company has experience in integrating various authentication methods into a single platform with the launch of its “INIHub” authentication integration platform in 2020. It now aims to apply this technology to the stablecoin payment infrastructure, building a standardized payment network that connects multiple issuers and merchants through a single interface.

If this structure is realized, merchants will be able to process payments on a single platform regardless of the issuer, and users can utilize an automatic payment service without distinguishing between different types of stablecoins.

An INITECH representative stated, “We will integrate the won-based stablecoin payment infrastructure based on our technology that enabled seamless integration of private, joint, and biometric authentication through INIHub,” adding, “Our plan is to eventually expand into a pan-national payment hub that encompasses global fiat currencies.”

Meanwhile, in PoC Phase 1, KCLONE issued KRWIN using a 100% fiat-currency-backed model and completed market validation by listing it on BitMart. This process has been disclosed through INITECH’s consolidated audit report, demonstrating the project’s transparency and level of internal control.

A KCLONE representative stated, “Through the issuance of KRWIN and the global exchange listing, we have confirmed the execution capability of our stablecoin business,” and added, “Once laws and regulations are established, we will enhance convenience for both merchants and users with a ‘single hub’ structure that reduces the burden of linking with multiple issuers.”

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