MoonPay Korea will support the global distribution, cross-border settlement, wallet access, and currency conversion infrastructure for Korea’s emerging won-backed stablecoin market. As part of this effort, MoonPay Korea has signed its first banking MOU with Woori Bank, South Korea’s oldest commercial bank and one of its four largest banks.
The MOU marks a significant step in MoonPay Korea’s strategy to support bank-led stablecoin initiatives in Korea by connecting regulated KRW stablecoin adoption with the MoonPay group’s global network of wallets, payment products, and settlement infrastructure. It also signifies MoonPay Korea’s first formal banking collaboration in Korea, focused on supporting the development of the KRW stablecoin infrastructure. The consortium will explore how KRW-denominated stablecoins could be used beyond domestic payments, including remittances, merchant settlements, institutional payments, and cross-border financial activities.
MoonPay Korea will serve as an infrastructure partner supporting the global distribution and settlement layer for bank-led stablecoin initiatives originating in Korea, within the framework of relevant regulations and requirements as they are established. This includes providing the infrastructure for cross-border settlement and wallet distribution through the MoonPay group’s global network.
MoonPay’s U.S. issuance platform offers a fully regulated and white-label solution for launching and scaling custom, full-reserve-backed stablecoins. Its issuance platform allows institutions, fintechs, and enterprises to mint, redeem, and manage stablecoins at scale.
South Korea has emerged as one of the most regulatory-forward markets in digital assets. The country is preparing to move from bank-led stablecoin pilots to domestic merchant adoption and, ultimately, cross-border settlement, creating a clear on-ramp for infrastructure providers with global reach. MoonPay Korea is also exploring ways to support Korea’s transition beyond the traditional bank-exchange model toward broader wallet diversity and self-custody.
MoonPay Korea has appointed Bugeon Lee, a founding executive, as head of APAC. Based in Seoul, Lee will oversee direct collaboration with Korean regulators, banks, and enterprise partners as MoonPay Korea prepares to introduce its KRW stablecoin infrastructure.
“Korea’s regulatory clarity, scale, and technological sophistication create a powerful foundation for stablecoin adoption,” said Lee. “By combining regulated KRW issuance with global distribution and settlement via the MoonPay group, MoonPay Korea will help Korean institutions extend the reach of the won into digital commerce.”