STABLECOINS | MoonPay to Power South Korea’s Won-Backed Stablecoin with Woori Bank

Crypto payments firm, MoonPay, has launched operations in South Korea expanding its presence in Asia as it seeks to tap growing demand for digital asset services in the region, the company said.

The firm said its Korea rollout will enable users to buy and sell cryptocurrencies through its platform using local payment methods part of a broader push to localize services across key markets.

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 – and marks MoonPay Korea’s first formal banking collaboration in Korea. 

MoonPay added that the expansion includes compliance with South Korea’s regulatory framework positioning the company to operate within one of Asia’s more tightly regulated crypto environments.

To lead its regional strategy, MoonPay Korea has appointed Bugeon Lee, a founding executive, as Head of APAC. Based in Seoul, Lee will oversee collaboration with Korean regulators, banks, and enterprise partners.

“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. Our job is to make sure Korean stablecoins aren’t just trusted domestically, but usable and interoperable worldwide.”

The move comes as global crypto firms increasingly target Asia for growth with South Korea seen as a major market due to its high retail participation and advanced digital payments 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. South Korea 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.

Founded in 2019, MoonPay provides fiat-to-crypto on-ramps, allowing users to purchase digital assets using traditional payment methods such as cards, bank transfers and mobile wallets, and operates in more than 180 countries.

Stay tuned to BitKE for global stablecoin developments.

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