Coupang, Woori Bank Complete Real-Time Settlement Test Using Won Stablecoin, a Korean First

Coupang said July 27 that it completed a proof-of-concept for real-time settlement using a won-denominated stablecoin with Woori Bank. The companies said it was the first case in South Korea to verify the full process, from payment and real-time settlement to on- and off-ramp functions, in an environment equivalent to a live commercial service.

The proof-of-concept simulated multiple scenarios in which payments for orders on Coupang Eats were transferred and settled in real time to merchants through a won stablecoin.

Woori Bank linked digital wallets with bank accounts. The companies built an on- and off-ramp process that allows won stablecoins and fiat currency to be converted into each other, and verified that it worked in practice.

The test used Tempo, a Layer 1 blockchain tailored for stablecoins. Coupang is participating as an early partner and investor in Tempo. Global financial and payments companies including Stripe, Visa, Mastercard and Deutsche Bank are also partners.

Coupang and Woori Bank said the proof-of-concept confirmed the feasibility of applying won stablecoins to real-world payment and settlement processes and checked operational stability. The companies also examined whether a real-time settlement system could shorten cash-flow cycles for small business owners and reduce their financing costs.

They also reviewed a plan to allow won stablecoins received in settlement to be used as a payment method on Coupang and other services.

The two companies said they will continue cooperating in blockchain-based payment technology under a strategic business partnership. They also plan additional testing in line with future regulations for won stablecoins.

A Coupang official said the company would seek to improve customer benefits through innovative technologies including stablecoins, while advancing shared growth with Coupang partners and broader financial inclusion.

A Woori Bank official called the proof-of-concept a meaningful early test of the potential use of won stablecoins in payments and settlements. The bank said it would continue expanding financial innovation based on won stablecoins.