fanC representative Lee Dong-ho mentioned that testing is being conducted in a limited mode to evaluate the technical characteristics of KRWIN and the use of the coin in money transfers. Currently, the token is only circulated among organizations associated with fanC and Initech. Developers hope that the stablecoin will be used for payments and international money transfers, including among tourists.
"This is the first case in the country where a private company issues a digital asset pegged to the national currency. In the future, KRWIN is expected to stimulate demand for crypto assets tied to the won, as blockchain technology can enhance standards of financial security," said Lee Dong-ho.
A month ago, fanC submitted an application to the Korean Intellectual Property Office (KIPO) for the registration of the trademark KRWIN and related technologies. The official date for the public launch of KRWIN has not yet been announced.
In South Korea, investors and fintech companies are increasingly interested in stablecoins and exploring their potential as a means of payment. The local cryptocurrency exchange Bithumb is negotiating the development of a similar product with Viva Republica, the operator of the financial application Toss. The largest South Korean exchange Upbit, together with payment provider Naverpay, is also exploring the possibilities of launching its own stablecoin backed by the Korean won.
The newly elected president Lee Jae-myung promised voters to legalize cryptocurrency exchange-traded funds (ETFs) in the country and allow the launch of stablecoins pegged to the won.
