Coupang and Woori Bank signed a strategic agreement to develop blockchain-based payment technology. The partnership explores a won-backed stablecoin for payments, remittances, and merchant settlements across Coupang’s e-commerce and food delivery networks.
Technical tests will evaluate the conversion between the stablecoin and cash. The system aims to enable near real-time settlements for merchants, replacing the current multi-day waiting period.
This shift targets improved cash flow for small business owners on the platform. The integration seeks to reduce overall payment and settlement costs within South Korea’s digital currency market.