Inscobi Partners with Parameta to Enter the Korean Won Stablecoin Business

Inscobi announced on the 28th that it has signed a memorandum of understanding (MOU) with blockchain specialist company Parameta to enter the virtual asset (cryptocurrency) business with a focus on Korean Won-based stablecoins (virtual assets linked to the value of fiat currency).

Through this agreement, Inscobi will be responsible for the issuance and distribution of Korean Won-based stablecoins, while Parameta will provide the necessary technology development and infrastructure.

Ahead of the presidential election, there are voices in the political sphere advocating for the promotion of Korean Won-based stablecoins.

Inscobi has proposed using local currency as the underlying asset for the Korean Won-based stablecoin. The plan is to digitize existing online and offline local currencies, which are currently fragmented by each local government, into a stablecoin format. They plan to enhance convenience for both citizens and small business owners by linking it with smartphone-based easy payment services.

An Inscobi representative explained, "Due to the nature of stablecoins being linked to physical assets, this will address the distribution limitations and settlement delays that have been pointed out as drawbacks of existing local currencies, and it will serve as an opportunity to strengthen the virtuous cycle of consumption within the region." The actual service is expected to launch as early as next year.

Meanwhile, Insoo Yoo, CEO of Inscobi, has been appointed as the Vice Chairman of the Digital Asset Committee under the Democratic Party's think tank, the Meoksanism Committee.