[Exclusive] Tmoney is considering entry into blockchain-based 'stablecoin' business

It has been confirmed that Tmoney, the country's leading transportation payment operator, is preparing to enter the blockchain-based stablecoin market. Tmoney, which began as the 'Seoul transportation card,' is interpreted as seeking to broaden its scope into a global payment infrastructure company.

According to the Patent Office's patent information search service (KIPRIS) on the 12th, Tmoney filed a total of 10 trademarks earlier this month in Class 9 (related to electronic money/virtual currency) product group. The names include expressions combining 'KRW (won)' and 'Stable,' such as 'KRWTmoney', 'TmoneyCoin', and 'TmoneyStable,' which is interpreted as indicating consideration of launching a won-linked stablecoin.

Tmoney said, "We filed the applications to proactively respond to the changing payment market," and explained, "(We are) closely examining various possibilities related to issuing stablecoins."

Tmoney has the country's widest everyday payment network, including buses and subways in Seoul and the metropolitan area, as well as taxi hailing and payments. The industry observes there is a high possibility that it will test stablecoin applications based on this infrastructure. Stablecoins are linked 1:1 to the value of fiat currencies such as the dollar or the won, giving them low price volatility and allowing them to spread rapidly as means of global remittance or online payment.

The industry believes that combining Tmoney's payment network with blockchain technology could enable various expansions, such as automatic transit fare payments, easy top-up and payments for foreign tourists, and small overseas remittances. In particular, there is speculation that a won-pegged stablecoin may be an attempt to improve payment convenience for foreign tourists. Currently, foreigners who want to use public transportation in Korea must top up a Tmoney card with cash or obtain a domestic credit card. The industry expects this inconvenience would be greatly resolved if a stablecoin and Tmoney's transit infrastructure are combined.

Tmoney is also considering measures, in cooperation with the Seoul city government, to allow Tmoney cards registered in Apple Wallet and Samsung Wallet to be topped up and used for payment with foreign credit cards.

A payment industry official said, "Tmoney is one of the operators most likely to see rapid adoption in terms of its user pool and infrastructure," and added, "This is likely an attempt to preemptively build a stablecoin-based infrastructure and lead the market before central bank digital currencies (CBDCs) become widespread."

Reporter Ahn Jeong-hoon ajh6321@hankyung.com