Coupang, Woori Bank complete stablecoin payment and settlement verification

Coupang Inc said Monday it completed a proof-of-concept for a real-time settlement system based on a Korean won-pegged stablecoin, developed in partnership with Woori Bank. The test marks the first time in South Korea that the full process — from payment to real-time settlement and on- and off-ramp conversion — has been verified in an environment identical to a live commercial service.

During the verification, Coupang Eats order payments were processed stably across multiple scenarios, with funds transferred to merchants in real time via stablecoin. Woori Bank handled the on- and off-ramp process, linking digital wallets to bank accounts to support conversion between stablecoins and fiat currency.

The technology was built on Tempo, a layer-1 blockchain specialized for stablecoins. Tempo is a fintech startup in which Coupang Inc participated as an early partner and investor. Global payments companies including Stripe, Visa, Mastercard and Deutsche Bank are also involved as key partners.

Coupang Inc said the project demonstrated both the practical viability and operational stability of a won-denominated stablecoin, and showed the potential for inclusive finance. A stablecoin-based settlement system could improve cash flow for small and mid-sized merchants while reducing their financial costs, the company said, and is expected to create a positive cycle of expansion across the retail ecosystem.

Coupang Inc and Woori Bank signed a strategic partnership agreement to deepen cooperation on blockchain-based payment technology. The two companies plan to continue additional technology verification in step with the relevant regulatory framework as it develops.

"We will work to enhance customer welfare through stablecoins and other innovative technologies, while pursuing inclusive and mutually beneficial finance with our partners," a Coupang Inc official said.