Hyungji Signs MOU With Arbitrum to Build Stablecoin Payment Infrastructure
Summary
- Fashion Group Hyungji said it has signed an MOU with the Arbitrum (ARB) Foundation, an Ethereum Layer 2, to build stablecoin payment infrastructure.
- The two sides said they aim to introduce stablecoin payment infrastructure across roughly 5,000 distribution channels, including about 2,000 stores in South Korea operated by Hyungji and its global partners.
- Hyungji said it plans to improve profitability and use it to expand its global business by cutting card fees and easing the burden of currency exchange through the adoption of stablecoin payments.
Fashion Group Hyungji said on the 23rd that it has signed a memorandum of understanding (MOU) with the Arbitrum (ARB) Foundation, an Ethereum (ETH) Layer 2, to build a stablecoin (a crypto asset pegged in value to fiat currency) payment infrastructure.
Attendees at the signing ceremony included Hyungji Vice Chairman Choi Jun-ho and A.J. Warner, chief strategy officer (CSO) at Offchain Labs, Arbitrum’s core development company.
Under the agreement, the two sides aim to introduce stablecoin payment infrastructure across roughly 5,000 distribution channels, including about 2,000 stores in South Korea that Hyungji directly operates and its global partners.
Hyungji plans to enhance payment convenience for consumers through the adoption of stablecoin payments and improve profitability by cutting card fees, while also using it to expand its global business by reducing the burden of currency exchange at overseas stores.
Uk Jin
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