Shinhan Bank Begins Introduction of KRW Stablecoin Payment System on Delivery App

Shinhan Bank is planning to introduce KRW stablecoin payments in its public delivery application 'Ttaenggyeoyo.'

According to the industry on the 22nd (local time), Shinhan Bank is pursuing a proof-of-concept (PoC) to apply a KRW-based stablecoin payment feature to the delivery app 'Ttaenggyeoyo.' PoC is a stage to verify the feasibility of the technology and business model in advance before fully implementing the service.

Currently, there are no clear regulations for stablecoins in Korea. However, as the possibility of issuing stablecoins via the regulatory sandbox is being discussed, this is interpreted as a preemptive move in preparation. In particular, if KRW stablecoin payments are introduced to 'Ttaenggyeoyo,' which has more than 5.5 million subscribers, its practical use value is expected to increase significantly.

Other commercial banks are also showing similar movements. It is known that other commercial banks, including Kookmin Bank, are also reviewing PoCs for stablecoin adoption. They are establishing detailed business plans at the Open Blockchain & DID Association, which is promoting joint stablecoin issuance in the banking sector.