Globalizing ‘K-finance’ — Stablecoin project takes the Korean won onchain

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Dollar-denominated tokens have long dominated crypto transactions, leaving non-USD users to navigate foreign-exchange friction and compliance complexity. For Korean businesses and entertainment brands selling globally, that often means converting into dollars to move money at speed, adding cost while limiting direct won pricing, payouts and remittances.

Advocates of local-currency stablecoins often argue that a Korean won (KRW)-pegged token could change that. South Korea already stands as a major crypto retail market, and more than hundreds of billions of USD-pegged stablecoins are traded in the Korean market. Beyond cheaper cross-border transfers, KRW stablecoin backers point to traceable rails for government subsidies and tax collection, greater access to digital payments for small businesses, and a way to extend Korea’s financial influence, or “K-finance,” to the same global stage where K-culture has thrived.

A dedicated network for a KRW stablecoin

Game developer Wemade, together with its blockchain arm Wemix, is pitching StableNet, a dedicated mainnet for a KRW stablecoin, as its answer to those pain points. At a dedicated launch event, the company framed the project as an effort to “globalize K-finance” by building infrastructure that can carry a widely used KRW stablecoin beyond crypto trading and into everyday payments with real money and bank accounts.

A prototype token, tentatively named KRC1, was demoed for issuance, bridging, burning and merchant payments.

The project’s source code was open-sourced in October, a public testnet is planned for November and a mainnet launch is targeted for early 2026 after stability checks, according to Wemix’s roadmap.

Wemix unveiled its stablecoin vision to a crowded pressroom. Source: Wemix“K-finance can establish worldwide influence through stablecoins and blockchain platforms,” said Shane Kim, chief executive at Wemix, drawing a parallel to the way K-pop leveraged global distribution.

Ethereum compatibility, high throughput and ‘native fee’

StableNet is designed to be 100% compatible with Ethereum, where most stablecoin infrastructure and developer tooling already live. That means wallets, contracts and payment services could migrate with minimal changes. The network emphasizes high throughput to support payment-grade volumes and includes enterprise-focused features such as dedicated processing lanes and APIs tailored to domestic financial IT systems.

A notable user experience choice is a “native fee” model that lets users pay transaction costs in the stablecoin itself. It removes the need to hold a separate gas token — one of the most common snags for non-crypto natives. The company also stresses compliance and security as core requirements, reflecting the regulatory scrutiny that has tightened around fiat-backed tokens worldwide.

Wemix argues it brings practical know-how to the task: years of operating Web3 rails for popular gaming titles as well as DeFi platforms and DApps, tens of millions of onchain transactions, and a developer ecosystem already comfortable with tokenized assets and stablecoin payments. That installed base could seed early KRW use cases — from fan commerce to game payouts — while the network courts banks and payment firms to participate in its stablecoin ecosystem.

The business plan: consortium model and milestones

To move beyond a tech demo, Wemix and Wemade say they are pursuing a two-pronged strategy: assembling a consortium with Korean banks and regulated financial companies to handle issuance and compliance, and forming partnerships with global firms. The near-term goals align with that approach: open-source the core code to invite continuous and comprehensive evaluation, launch a public testnet for partners to build against and work toward operational deployment in early 2026.

The model has the potential to make it easier for Korean enterprises to plug into onchain rails without reinventing KYC, custody and reporting. It also positions the project to operate internationally while keeping one foot planted in domestic financial infrastructure — a balance that KRW-denominated payments will likely require.

With StableNet, Wemix is betting that a purpose-built chain and a consortium strategy can push a KRW stablecoin from concept to daily use — and, in the process, give K-finance a credible onchain export. With Korea at its cultural peak, Wemix envisions bringing K-finance to the world while contributing to the digital economy.

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