MoonPay Korea, part of the MoonPay group, has announced a Memorandum of Understanding (MoU) with Woori Bank, South Korea's oldest commercial bank and one of its four largest, to support the development of Korean won-backed stablecoin infrastructure.
The MOU marks MoonPay Korea's first formal banking collaboration in South Korea and is focused on connecting regulated KRW stablecoin initiatives with MoonPay's global network of wallets, payment products, and settlement infrastructure.
Under the arrangement, MoonPay Korea will serve as an infrastructure partner for global distribution and settlement for bank-led stablecoin initiatives originating in South Korea, subject to relevant regulatory requirements as they are established. The consortium will explore KRW-denominated stablecoin use cases, including remittances, merchant settlements, institutional payments, and cross-border financial activity beyond domestic payments.
Korean market context and MoonPay's stablecoin infrastructure
South Korea is advancing from bank-led stablecoin pilots toward domestic merchant adoption and cross-border settlement, creating a structured pathway for global infrastructure providers. MoonPay Korea is also exploring ways to support a transition beyond the traditional bank-exchange model toward broader wallet diversity and self-custody options.
MoonPay's US issuance platform provides a regulated, white-label solution for launching and scaling full-reserve-backed stablecoins, allowing institutions, fintechs, and enterprises to mint, redeem, and manage stablecoins at scale. The MoonPay group holds an EU MiCA authorisation, a New York BitLicense, a New York Limited Purpose Trust Charter, and Money Transmitter licences across the US, alongside registrations in the UK, Australia, and Jersey.
To lead its South Korea strategy, MoonPay Korea has appointed Bugeon Lee, a founding executive, as Head of APAC, based in Seoul.
Commenting on the news, Ivan Soto-Wright, CEO and Founder of the MoonPay Group, noted that South Korea is emerging as one of the world's most forward-looking markets for stablecoins. Lee added that MoonPay Korea's goal is to ensure Korean stablecoins are not only trusted domestically but usable and interoperable worldwide.
