Coupang and Woori Bank Complete Korea's First Proof of Concept for Stablecoin-Based Payment and Settlement in Commercial Services

Coupang announced on the 27th that it has completed a Proof of Concept (PoC) for real-time settlement technology based on a Korean Won (KRW) stablecoin in partnership with Woori Bank. This marks the first instance in Korea where the entire process—from payment to real-time settlement and on/off-ramping—using a KRW stablecoin has been verified in an environment identical to a commercial service.

In this verification, Coupang successfully implemented various scenarios where Coupang Eats order payments were remitted and settled to merchants in real-time via stablecoin. Woori Bank was responsible for implementing the on/off-ramp process, which supports the conversion of funds between stablecoins and fiat currency by linking electronic wallets with bank accounts.

The technology is built on 'Tempo,' a Layer 1 blockchain specialized for stablecoins. Tempo is a fintech startup in which Coupang participated as an early partner and investor. Major global payment companies such as Stripe, Visa, Mastercard, and Deutsche Bank are also collaborating as key partners.

This project is significant for demonstrating the practical usability and operational stability of a KRW stablecoin, as well as the potential for inclusive finance. Once a settlement system using stablecoins is introduced, it can help improve cash flow for small and medium-sized enterprises and reduce financial costs. Furthermore, as the issued KRW stablecoins could potentially be used like real currency in other services, including those beyond Coupang, a virtuous cycle of expanding the distribution ecosystem is expected.

Meanwhile, Coupang and Woori Bank have signed a strategic business partnership to strengthen cooperation in blockchain-based payment technology. They plan to continue conducting various additional technical verifications in line with future institutional developments.

A Coupang representative stated, "We will do our best to enhance customer welfare through various innovative technologies, including stablecoins, while realizing inclusive and mutual-growth finance with Coupang partners."

A Woori Bank representative stated, "This PoC is a meaningful case that preemptively verified the feasibility of using KRW stablecoins for payment and settlement," adding, "We will continue to expand financial innovation based on KRW stablecoins."