BlockBeats news, on August 6, according to the Korea Herald, South Korean digital token developer and issuer fanC has partnered with local financial software company Initech to pilot the Korean won stablecoin, named KRWIN, which is pegged to the won at a one-to-one ratio. This marks the first time a private entity has issued a digital asset based on the won that has potential for application in the real economy. fanC stated that this issuance is a demonstration version aimed at testing the technical feasibility of KRWIN, including transferability and practical applications. The issuance will be limited to a select group of internal members and partner platforms for evaluation. Once officially launched, KRWIN is expected to be applied in fields such as payments, global remittances, and travel.
Last month, fanC submitted a trademark application for KRWIN and its related technology to the Korean Intellectual Property Office.