AhnLab Blockchain Company, the blockchain subsidiary of AhnLab, confirmed on August 20 that it had entered into a memorandum of understanding (MOU) with blockchain fintech firm Open Asset and the Korea Simple Payment Promotion Agency, which operates the Zero Pay network. The collaboration is focused on the issuance and utilization of a stablecoin pegged to the Korean won, with the aim of advancing digital payment systems in Korea.
The agreement is intended to combine the technological strengths of the participating companies in order to construct an offline payment ecosystem centered on the won-backed stablecoin. With stablecoins gaining momentum as digital payment tools, the partnership is being viewed as a step toward creating a unified framework that could eventually be adopted on a broader scale.
Defining Roles and Contributions
The three organizations plan to develop a standardized model for digital asset payments by combining their expertise. AhnLab Blockchain Company will focus on providing a secure and user-friendly storage environment for the won stablecoin through its multi-chain wallet platform, Klip, which has already built a reputation for its large user base and security infrastructure. The Korea Simple Payment Promotion Agency will be responsible for enabling stablecoin usage through its extensive Zero Pay network, which is linked to approximately two million small business merchants nationwide. Open Asset will manage issuance and settlement through a regulatory-compliant structure, utilizing dual signature mechanisms and a deposit-based system.
The collaboration also includes a commitment to transparent governance structures designed to comply with regulatory standards. By aligning their respective strengths in wallet security, payment infrastructure, and stablecoin issuance, the parties aim to lay the foundation for a comprehensive and compliant digital payment ecosystem.
Enhancing Payment Convenience and Competitiveness
The initiative is expected to deliver several practical benefits. Consumers will gain easier access to charging and using won stablecoins in daily transactions, while small business merchants will receive new payment options that could help reduce reliance on traditional banking systems. The model is also being positioned as a way to bolster South Korea’s standing in the global digital payment landscape.
Looking ahead, the system could also benefit foreign tourists. Travelers would potentially be able to convert virtual assets such as USDT or USDC directly into won stablecoins, enabling them to make purchases at Zero Pay-affiliated merchants without the need for currency exchange procedures.
Industry Leaders Highlight Significance
Executives from the three organizations emphasized that the cooperation represents a landmark step in advancing the domestic digital asset industry. The CEO of Open Asset explained that the partnership would create the first model that distinctly separates the functions of issuance, distribution, and payment infrastructure for won stablecoins, laying the groundwork for their practical use once regulatory frameworks are fully established. He also suggested that stablecoins could evolve into a key component of financial infrastructure integrated into the real economy.
The director of the Korea Simple Payment Promotion Agency described the collaboration as a chance to drive financial innovation tailored to small businesses. He stressed the importance of making stablecoins a practical and accessible payment method for everyday transactions, ensuring that the technology does not remain distant from ordinary users.
Meanwhile, the CEO of AhnLab Blockchain Company underlined that his firm’s role was to deliver secure and convenient infrastructure for blockchain-based digital assets. He stated that the company would continue to strengthen the security and accessibility of its Klip wallet to ensure that both domestic and international users can adopt digital assets safely in their everyday lives.
A Step Toward Digital Payment Evolution
The partnership between AhnLab Blockchain Company, Open Asset, and the Korea Simple Payment Promotion Agency marks a significant milestone in South Korea’s effort to build a robust stablecoin ecosystem. By combining security, regulatory compliance, and widespread payment infrastructure, the initiative is positioned to support not only local adoption but also broader international use cases in the future.
