Coupang, Woori Bank Partner on Won Stablecoin Market

Coupang and Woori Bank have joined forces to target the won stablecoin market in South Korea. The two companies signed a strategic business agreement on July 27 to cooperate on blockchain-based payment technology.

The partnership aims to speed up cash turnover and reduce fee burdens for merchants through technical testing in areas including payments, remittances, merchant settlement, and conversion between stablecoins and the Korean won.

Coupang's large transaction network, built on recurring purchases of goods and food delivery, makes it a significant player in the won stablecoin market. The company handles over 77 trillion won ($55.6 billion) in annual payments, with an estimated payment volume last year of 66.3 trillion won ($47.9 billion).

The introduction of won stablecoins could reduce payment and settlement costs for merchants, as well as lower remittance costs among Coupang's overseas affiliates.