Korea's Move to Bring Its Currency On-Chain

Korea is making a bold move to bring its currency, the won, into the world of cryptocurrency. This isn't just about creating a new digital currency. It's about making it easier for Korean businesses to operate globally. Right now, most crypto transactions happen in dollars. This can be a hassle for businesses that want to use the won. A won-pegged stablecoin could change that. Imagine a world where Korean businesses can send and receive payments in won, without having to convert to dollars. This could make transactions faster and cheaper. It could also help small businesses access digital payments more easily. Plus, it could give Korea more influence in the global financial world. One company, Wemade, is leading the charge with a project called StableNet. This is a dedicated network for a won-pegged stablecoin. At a recent event, they showed off a prototype token called KRC1. They plan to launch a public testnet in November and the mainnet in early 2026. StableNet is designed to work seamlessly with Ethereum. This means that existing wallets, contracts, and payment services can be easily integrated. The network is also built to handle high volumes of transactions. It includes features tailored to domestic financial systems, like dedicated processing lanes and APIs. One unique feature of StableNet is its "native fee" model. This allows users to pay transaction fees in the stablecoin itself, eliminating the need for a separate gas token. This could make the network more user-friendly, especially for those new to crypto. Wemix, the blockchain arm of Wemade, has a lot of experience in this area. They've operated Web3 rails for popular gaming titles and DeFi platforms. They've also handled tens of millions of on-chain transactions. This experience could help seed early use cases for the won stablecoin, from fan commerce to game payouts. To make this project a success, Wemix and Wemade are pursuing a two-pronged strategy. They're assembling a consortium with Korean banks and regulated financial companies. They're also forming partnerships with global firms. This approach could make it easier for Korean enterprises to plug into on-chain rails without reinventing KYC, custody, and reporting. With StableNet, Wemix is betting that a purpose-built chain and a consortium strategy can push a won stablecoin from concept to daily use. This could give Korea a credible on-chain export. With Korea at its cultural peak, Wemix envisions bringing K-finance to the world while contributing to the digital economy.