Wemade, which has entered the won stablecoin business, announced a plan to build a stablecoin based on compliance with domestic regulations.
Vice President Kim Seok-hwan of Wemade said on the 29th at the won stablecoin tech seminar held at the Oakwood Hotel in Gangnam-gu, Seoul, "We will create a won stablecoin that even the Bank of Korea can trust."
Kim said, "I understand that the Bank of Korea has concerns related to stablecoins," and explained, "StableNet was designed from the outset on the premise of complying with all Korean regulations, and we are preparing to meet any regulations that may come in the future."
Wemade declared its entry into the stablecoin business in September last year and in November released the testnet source code for the won stablecoin mainnet "StableNet." It also launched a won stablecoin consortium together with Chainalysis and CertiK.
Regarding why it does not use a public chain, Kim said, "A public chain, by its structure, can result in transaction confirmation being delayed or canceled," adding, "From the standpoint of financial institutions or users, it is difficult to trust that." Citing the cases of JPMorgan and Circle, Kim also emphasized the need for dedicated infrastructure.
Kim also noted, "Korea is a country with strong institutional particularities such as foreign exchange transaction regulations," and said, "Design that reflects domestic regulations is essential."
Regarding the timeline, Kim said, "Development of the dedicated wallet has progressed significantly, and we should be able to unveil it in Feb.," adding, "We expect to distribute it to partner companies after the Lunar New Year holiday."