Companies are busy building stablecoin infrastructure.

While discussions on the domestic stablecoin system remain focused on the issuer, companies are accelerating the construction of infrastructure for practical use, such as wallets, payments, and settlements.

According to industry sources on the 14th, KOSDAQ-listed Hecto Innovation is expanding its business, spearheaded by WalletOne (formerly Hexlant), a licensed Virtual Asset Service Provider (VASP). In September, Hecto Innovation acquired a 47.15% stake in WalletOne for approximately 9.29 billion won. WalletOne operates Octet, a corporate cryptocurrency wallet management service, and Ohai, a service for individual users.



For stablecoins to be used for payments, users need a wallet where they can store and transfer their assets. Therefore, industry analysts predict a growing demand for wallet operators with VASP (Volatile Asset Service Provider) licenses. A Wallet One representative stated, "Among VASPs, Ohai Wallet is the only wallet service available to individuals," adding, "We've recently seen an increase in inquiries from corporations, including financial institutions."

Suho, a blockchain technology company, is focusing on payments and settlement. It is expanding its global partnerships by spearheading "Project Namsan," an institutional stablecoin foreign exchange and settlement infrastructure. Considering the environment in which stablecoins are issued and circulated across various blockchains, the goal is to build an infrastructure that enables more secure and transparent processing of stablecoin-based foreign exchange payments.

This month, we partnered with European stablecoin issuer AllUnity to establish a cross-border stablecoin payment environment between the Korean Won (KRW) and the Euro (EUR). AllUnity is issuing the Euro stablecoin "EURAU," which complies with the European Union's (EU) MiCA (MiCalculation of Cryptocurrency Authority) virtual currency regulatory framework.

Cryptocurrency custody company Bidex is pursuing the global network expansion of its Korean Won-backed stablecoin, KRW1. Following Avalanche and Polygon, the company recently expanded its issuance chain to include the Binance-backed BNB Chain.

In October, Circle, the issuer of USD Coin (USDC), joined as an official partner of Ark, the public blockchain. KRW1 issuance and testing are underway on the Ark testnet. The plan is to expand KRW1's global distribution and practical usability through a multi-chain strategy. KRW1 is currently in the proof-of-concept (PoC) phase and can only be used for non-commercial purposes such as technology verification. As of 10:30 a.m. today, the total KRW1 issuance stands at 90 million won.

Blockchain technology company EQBR focuses on practical applications such as trade finance and payments to foreigners. Last month, the company partnered with Doctor Ripper, a company specializing in attracting international patients, to build a stablecoin payment infrastructure for foreigners. This system allows foreign patients to pay for medical expenses with dollar-denominated stablecoins, and settlements between hospitals, overseas partners, and local medical staff are processed through blockchain-based smart contracts. This system also provides the operational procedures necessary for stablecoin payments to operate in real-world settings, including taxation, accounting, administration, and settlement.

EQBR is also working with domestic mobility concierge platform Chabot Mobility to build a K-used car export platform that integrates stablecoin payments. An EQBR representative stated, "While stablecoins represent a new asset class, the infrastructure to support them remains largely untapped. We are exploring various opportunities, focusing on practical applications such as trade and healthcare."

Reporter Do Ye-ri