MoonPay Expands into Asia with Won Stablecoin Plans

MoonPay has launched its Korean unit, MoonPay Korea, and plans to use South Korea as a base for its Asian expansion. The company aims to build new financial services and improve existing payment systems by leveraging the country's strong demand for virtual assets and developed digital payment infrastructure.

In partnership with Woori Bank, KB Financial Group, KakaoBank, and Finger, MoonPay plans to develop stablecoins, cross-border payments, remittances, and digital asset infrastructure. The company will focus on creating overseas distribution channels for Korean won stablecoins if issued under the country's developing regulatory framework.

MoonPay expects its global network to give Korean won stablecoins access to users outside the country, including overseas Koreans, international students, and tourists. Users could buy and hold won stablecoins abroad, convert them into other currencies or digital assets, and use them for payments and settlements.