KB News Desk
Coupang has teamed up with Woori Bank to test real-time settlement using won-backed stablecoins, positioning its commerce and delivery network as a potential launchpad for the digital currency.
The two companies tested the full payment process in a commercial-like environment, from customer purchases to real-time merchant settlement and conversion between stablecoins and won, Coupang said Monday.
In the trial, payments for Coupang Eats orders were transferred to restaurant owners in real time using won-based stablecoins. Woori Bank built the on- and off-ramp system connecting digital wallets with bank accounts, allowing users to move funds between the tokens and conventional currency.
The experiment gives Coupang a potential edge in a market where banks, fintech companies and crypto firms have so far focused largely on who will issue won stablecoins and lead competing alliances.
For the tokens to gain wider use, however, they will need more than an issuer. They will also need places where consumers can spend them repeatedly.
Coupang will offer that with an ecosystem that connects millions of shoppers, online sellers and restaurant owners through high-frequency transactions ranging from grocery purchases to food delivery.
Stablecoins could allow merchants to receive sales proceeds almost instantly instead of waiting several business days, improving cash flow for small businesses. The tokens could also be reused within Coupang’s ecosystem rather than immediately converted back into won, creating a loop of payment, settlement and spending while reducing reliance on traditional card networks.
The test was conducted on Tempo, a layer-1 blockchain built for stablecoin payments. Coupang is an early partner and investor in the fintech startup, whose partners also include Stripe, Visa, Mastercard and Deutsche Bank.
For Woori Bank, the partnership provides a major platform ally as Korean financial groups race to secure a foothold ahead of the introduction of a regulatory framework for won stablecoins.
“This pilot marks a meaningful step in demonstrating the real-world potential of won-denominated stablecoins for payments and settlements as the financial sector prepares for the Web3 era,” a Woori Bank official said. “We will explore further partnerships as demand grows among large companies.”
