The premise of won stablecoins in South Korea is increasing.
Kaia has announced that BNK Busan Bank has tested out its stablecoins settlement infrastructure to accept and send local currency stablecoins across South Korea.
This was implemented for programmability across wallet and issuance mechanisms between contributing parties.
It took place on the Kaia network, with other participants included across the pilot such as OpenAsset, Lambda256 and AhnLab as part of the KSTAR group leading the domestic KRW stablecoin conversation. Some retail use-cases were additionally tested.
Kaia is also supporting other neighbouring stablecoins, including JPYC’s Yen stablecoin.
More broadly, there is a growing sentiment that the more regulation is advanced in regions like South Korea and Japan, the more banks and large institutions will be finalizing their longstanding MoUs and PoCs with providers, and will start using stablecoins as part of everyday settlement.
