Digital asset exchange INEX said on the 16th that it signed a business agreement with Ava Labs, the developer of the global blockchain Avalanche, on stablecoin-based payment and settlement infrastructure.
Under the agreement, Ava Labs will provide technical consulting and infrastructure support, including blockchain network and wallet infrastructure, software tools, and global marketing support. INEX will establish a payment model that complies with domestic financial regulations and will be responsible for connecting the Avalanche mainnet to major domestic payment gateways and value-added networks (VAN).
The two companies plan to use the agreement as a starting point to pilot stablecoin payments in both online and offline environments and to build a regulatory-friendly, stable payment infrastructure. Through a new payment model that combines blockchain technology with existing financial payment networks, they will focus on proving the potential uses of stablecoins in the real economy.
INEX recently expanded its cooperation network by signing a joint agreement to build a stablecoin-based payment solution with Korea Payment Networks (KPN), the country's largest electronic payment (PG) and VAN infrastructure corporation. Ava Labs recently partnered with the Singapore payment service StraitsX and unveiled the "Frontier Stable Token (FRNT)" in Wyoming, United States, expanding its presence in the global payments market.
An INEX official added, "We will work closely with regulators going forward to help stablecoin payments become the new standard in domestic and international payment markets."