MoonPay Korea to Power Global Distribution of Won-Backed Stablecoin

We’re pleased to announce that 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 – and marks MoonPay Korea’s first formal banking collaboration in Korea. 

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.

"Stablecoins are becoming the backbone of digital finance, and Korea is emerging as one of the world's most forward-looking markets," said Ivan Soto-Wright, CEO and Founder of the MoonPay group. 

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 MoonPay group maintains one of the industry’s broadest regulatory footprints, including an EU MiCA authorization, a New York BitLicense, a New York Limited Purpose Trust Charter, and Money Transmitter licenses across the United States. Local MoonPay entities are also registered to provide crypto asset services in the UK, Australia, and Jersey.

Read our full announcement here.