Korbit, Galaxia Moneytree Partner to Develop Stablecoin Payments Business

Korbit, a South Korean cryptocurrency exchange, said July 10 that it has partnered with electronic financial services provider Galaxia Moneytree to develop a stablecoin-based payments business.

The companies plan to link Korbit’s digital-asset trading infrastructure with Galaxia Moneytree’s Moneytree app to broaden the use of crypto for everyday payments.

The project will focus on building a structure that connects top-ups, payments and settlements through stablecoins. Users are expected to be able to use digital assets held at Korbit to load Moneytree Cash and make payments at online and offline merchants.

Korbit will support asset flows, including payments and settlements, through its exchange infrastructure and crypto liquidity provision. Galaxia Moneytree will provide Moneytree Cash and payment infrastructure under its prepaid electronic payment instrument license.

The companies plan to carry out a phased proof of concept, or PoC, to check service stability and operating systems before pursuing commercialization in line with relevant laws and guidelines. They are also considering expanding into additional payment and financial services using stablecoins.

The partnership is intended to extend the use of digital assets into payments, a Korbit official said. The company plans to continue improving the service structure based on its trading infrastructure.