South Korea’s first won-pegged stablecoin was test-launched Tuesday by fanC, the developer and issuer of the namesake digital token, in partnership with local financial software firm Initech, marking a key step toward the adoption of won-denominated stablecoins.
Named KRWIN, the stablecoin is pegged one-to-one to the Korean won. It is the first time a private entity has issued a won-based digital asset with potential use in the real economy.
According to fanC, the release is a demo launch to test KRWIN’s technical feasibility, including transferability and practical applications. Circulation will be limited to a group of internally selected members and affiliated platforms for evaluation.
Once officially launched, KRWIN is expected to be used across sectors such as payments, global remittances and tourism, positioning itself at the forefront of Web3 payment innovation.
“This test issuance marks a significant first step in building a practical foundation for stablecoin adoption by combining financial security with blockchain technology,” said Lee Dong-ho, representative of fanC. “KRWIN will establish itself as a leading private model driving future demand for won-denominated digital assets.”
The fanC token was originally developed and issued by digital content platform operator Celebe, which has gained popularity across East Asia. Celebe advanced its crypto initiative by launching the fanC project, along with the corporate entity behind it, with the goal of developing a won-based digital asset and building an ecosystem where it can function as a real-world currency. The initiative targets both online use cases, such as e-commerce and content consumption, as well as offline payments by foreign visitors in Korea.
Last month, fanC filed trademark applications for KRWIN and associated technologies with the Korean Intellectual Property Office.
As fanC makes tangible progress, other players across Korea’s crypto and fintech sectors are also rushing to lay the groundwork for stablecoin ventures, despite the lack of a clear regulatory framework.
On Tuesday, officials from crypto exchange Bithumb and fintech giant Viva Republica, operator of the mobile app Toss, told The Korea Herald that they are reviewing a potential partnership for a future stablecoin business. Both parties confirmed that talks are in progress, though “nothing has been decided.”
“The stablecoin business is still in its early stages, both in terms of industry development and regulation. As of now, we don’t even know who will be allowed to issue or distribute them,” a Viva Republica official said. “So discussions around partnerships also remain largely undecided. As a fintech company, we’re preparing to participate once the regulatory framework is in place.”
An industry source noted that the talks were initiated by Viva Republica, which also confirmed that Bithumb is among several companies it is in discussions with for similar collaborations.
If the Bithumb-Toss partnership materializes, it could rival a recent collaboration between Dunamu, the operator of Korea’s largest crypto exchange Upbit, and NaverPay, the digital finance arm of IT giant Naver. Under that deal, NaverPay is expected to lead development and issuance of won-pegged stablecoins, while Dunamu would oversee distribution and infrastructure.
That partnership came on the heels of a wave of stablecoin-related trademark applications filed by local financial and fintech firms, signaling growing interest in the space.
Despite growing momentum in the private sector, regulation remains in its early stages. Lawmakers have only recently begun introducing bills to establish legal frameworks for stablecoin activity, including capital and eligibility requirements for issuers.
