MoonPay Launches Korean Hub to Pioneer Won Stablecoin Distribution

The strategy, unveiled at a launch event in Seoul on September 29, positions MoonPay as a bridge between Korea’s sophisticated digital payment infrastructure and international decentralized finance networks. By collaborating with Woori Bank, KB Financial Group, and KakaoBank, MoonPay intends to move beyond simple API integration. Instead, the firm is implementing a "Full Stack Last Mile" model, which involves direct connectivity with domestic banking systems to manage complex transaction stages, including merchant settlement, refunds, and fiat-to-crypto conversion.

A core objective of this partnership is the overseas distribution of won stablecoins, contingent on South Korea’s evolving regulatory framework. MoonPay aims to enable tourists, international students, and overseas Koreans to purchase and utilize won-backed assets abroad, effectively turning the currency into a globally mobile digital tool. KB Financial has already demonstrated the viability of this approach, having successfully tested a won-to-dollar stablecoin remittance to Vietnam that slashed traditional SWIFT-based transfer fees by approximately 87%.

While the Financial Services Commission continues to draft the Digital Asset Framework Act, MoonPay is proactively pursuing the necessary licenses to operate as a virtual asset service provider. The company, which has processed over $120 billion in cumulative transactions, is working closely with the fintech firm Finger to ensure its wallet and payment infrastructure complies with local anti-money laundering controls and security standards. Beyond stablecoins, MoonPay is also exploring AI-driven payment agents, signaling a shift toward autonomous financial transactions where AI executes trades and settlements on behalf of users.