Solana to Develop Korean Won-Pegged Stablecoins Via Partnership

Solana Foundation has partnered with Korean blockchain infrastructure company Wavebridge to build a “compliance-ready” KRW-pegged stablecoin.

The partners signed an MoU on Tuesday, to create institutional-grade tokenization products. Besides, the aim is to make stablecoins adopted within regulated financial markets.

Jongwook Oh, CEO of Wavebridge, said that the collaboration designs structures where a KRW stablecoin is not only issued but also verified, controlled, and fit for institutional use.

“By building on Solana, we aim to establish an infrastructure that even regulated financial institutions can rely on.”

KRW-Pegged Stablecoin Tokenization

Per the agreement, Solana and Wavebridge will develop a tokenization engine to manage the issuance, verification, and compliance procedures for Korean won stablecoins.

Besides, the partners will run programs or major banks on on-chain settlement, remittances, and tokenized deposits, the official release noted.

Wavebridge will provide regulated infrastructure and lead in regulatory coordination, compliance, and qualified investor onboarding.

“Combining Wavebridge’s regulatory expertise with Solana’s global ecosystem enables new real-world use cases for stablecoins and MMF tokenization,” said Lily Liu, President of the Solana Foundation.

KRW Stablecoins Gain Momentum

South Korea is gearing up to introduce a regulatory framework for won-backed stablecoins, with its financial regulator set to introduce legislation this month.

Last month, South Korean digital asset custodian BDACS launched the first Korean won–backed stablecoin dubbed KRW1 on the Avalanche blockchain. Every KRW1 is backed 1:1 with won held in escrow at Woori Bank, the company said at the time.

The move comes at a time when stablecoins are grabbing millions of users’ attention and are clearly seen as the future.

As reported, stablecoin giant Tether is also reportedly planning meetings with a range of domestic fintech companies, including the neobank Toss.