Solana to Develop Korean Won-Pegged Stablecoins Via Partnership
Solana Foundation has partnered with Korean blockchain infrastructure firm Wavebridge to construct a “compliance-ready” KRW-pegged stablecoin.
The companions signed an MoU on Tuesday, to create institutional-grade tokenization merchandise. Besides, the purpose is to make stablecoins adopted inside regulated monetary markets.
Jongwook Oh, CEO of Wavebridge, stated that the collaboration designs constructions the place a KRW stablecoin is just not solely issued but in addition verified, managed, and match for institutional use.
“By constructing on Solana, we purpose to set up an infrastructure that even regulated monetary establishments can depend on.”
KRW-Pegged Stablecoin Tokenization
Per the settlement, Solana and Wavebridge will develop a tokenization engine to handle the issuance, verification, and compliance procedures for Korean received stablecoins.
Besides, the companions will run applications or main banks on on-chain settlement, remittances, and tokenized deposits, the official launch famous.
Wavebridge will present regulated infrastructure and lead in regulatory coordination, compliance, and certified investor onboarding.
“Combining Wavebridge’s regulatory experience with Solana’s international ecosystem allows new real-world use circumstances for stablecoins and MMF tokenization,” stated Lily Liu, President of the Solana Foundation.
KRW Stablecoins Gain Momentum
South Korea is gearing up to introduce a regulatory framework for won-backed stablecoins, with its monetary regulator set to introduce legislation this month.
Last month, South Korean digital asset custodian BDACS launched the first Korean won–backed stablecoin dubbed KRW1 on the Avalanche blockchain. Every KRW1 is backed 1:1 with received held in escrow at Woori Bank, the corporate stated on the time.
The transfer comes at a time when stablecoins are grabbing millions of users’ attention and are clearly seen as the long run.
As reported, stablecoin big Tether is also reportedly planning conferences with a variety of home fintech corporations, together with the neobank Toss.
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