MoonPay Expands in South Korea Amid Stablecoin Adoption Acceleration
MoonPay has established its Korean subsidiary, MoonPay Korea, to expand its Asian operations and target won stablecoins. The company plans to work with major Korean financial institutions such as Woori Bank, KB Financial Group, and KakaoBank to connect its global network with the country's established banking and payment systems.
MoonPay does not plan to issue its own won-denominated stablecoin but will provide infrastructure for issuers. Instead, it will connect stablecoins with international payment and distribution networks. The proposed applications include remittances, merchant payments, trade transactions, and corporate settlements.
Woori Bank will explore cross-border corporate payments and the overseas distribution of won stablecoins with MoonPay. KB Financial Group will examine fiat-to-crypto infrastructure, wallets, stablecoin distribution, and overseas settlement. KakaoBank is pursuing another cross-border remittance model with MoonPay that would connect Korean remittance applications with overseas bank accounts through digital asset settlement.