Global crypto payments firm MoonPay has signed a memorandum of understanding with Woori Bank, one of South Korea’s largest financial institutions, to develop infrastructure for a Korean won-denominated stablecoin. The partnership, announced on April 30, marks MoonPay’s first collaboration with a bank to support a won-based stablecoin ecosystem.
The MOU focuses on building the necessary technology and regulatory framework for a stablecoin pegged to the Korean won. Woori Bank brings extensive experience in domestic and international banking, while MoonPay provides a regulated crypto payment gateway. Together, they aim to explore applications in overseas remittances, crypto wallet integration, and currency exchange functions.
Understanding the KRW stablecoin ecosystem
A stablecoin is a cryptocurrency designed to maintain a stable value relative to a reference asset, such as a fiat currency. A KRW stablecoin would be pegged 1:1 to the South Korean won, providing the benefits of blockchain technology—speed, transparency, and low cost—without the volatility of traditional cryptocurrencies.
MoonPay and Woori Bank are not the first to explore this concept. Several projects have attempted to launch won-pegged stablecoins before. However, the involvement of a major bank like Woori adds significant credibility. The partnership signals a shift toward institutional-grade stablecoin infrastructure.
The development will be contingent on establishing a future legal framework. South Korea has been actively updating its cryptocurrency regulations. The government aims to protect investors while fostering innovation. This partnership aligns with those goals.
The MOU outlines several potential use cases for the KRW stablecoin, including overseas remittances, crypto wallet integration, currency exchange, and payments and settlements. These applications depend on regulatory approval. Both companies have said they will work with authorities to ensure compliance.
Timeline and background of the partnership
The MOU was signed in April 2025 after months of behind-the-scenes discussions. MoonPay has been expanding its presence in Asia, particularly in South Korea, where crypto adoption is high. Woori Bank has a long history of innovation in digital banking and has previously explored blockchain technology for remittances and trade finance.
The stablecoin infrastructure will be built in phases. The first phase will focus on technical development and regulatory consultation. Later phases will involve pilot programs and eventual public launch, although no specific timeline has been announced.
Industry analysts view this partnership as a positive sign for the crypto market. The involvement of a traditional bank like Woori adds legitimacy. It also demonstrates growing demand for regulated stablecoins. One expert noted that a KRW stablecoin could compete with existing dollar-pegged stablecoins like USDC and USDT, providing a local currency alternative that could reduce currency conversion fees and simplify transactions for South Korean users.
Impact on the South Korean crypto market
South Korea is one of the world’s largest crypto markets, driven by high retail participation and a tech-savvy population. A KRW stablecoin could further accelerate adoption. Local exchanges already support won trading pairs, but a bank-backed stablecoin offers additional trust and stability. It could attract institutional investors who have been hesitant to enter the market.
The partnership also benefits MoonPay. It strengthens the company’s position in Asia and diversifies its revenue streams beyond payment processing. Despite the positive outlook, challenges remain. Regulatory approval is not guaranteed. South Korean authorities have been cautious about stablecoins, particularly regarding consumer protection and financial stability.
Technical integration between MoonPay’s platform and Woori Bank’s systems will require significant effort. Both companies must ensure the stablecoin is secure, scalable, and compliant. Market acceptance is another factor. Users must trust the stablecoin’s peg and the issuing entities. MoonPay and Woori Bank will need to educate the public and build confidence.
