Coupang, Woori Bank Test Won-Backed Stablecoin Payments on Tempo Blockchain

Coupang, one of South Korea's largest e-commerce companies, has partnered with Woori Bank to test the use of won-backed stablecoins in real-time settlements. The two companies conducted a trial using Tempo, a layer-1 blockchain built specifically for stablecoin payments.

The test, which involved Coupang Eats orders being transferred to restaurant owners in real time, was successful and demonstrated the potential of won-denominated stablecoins for payments and settlements. Woori Bank built an on- and off-ramp system that connects digital wallets with bank accounts, allowing users to move funds between tokens and conventional currency.

The partnership gives Coupang a competitive edge in the market, where banks, fintech companies, and crypto firms have focused on issuing won stablecoins and forming alliances. To gain wider use, stablecoins will need more than an issuer, they'll also require places where consumers can spend them repeatedly. Coupang's ecosystem, which connects millions of shoppers, online sellers, and restaurant owners through high-frequency transactions, could provide that platform.