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South Korean company <strong>fanC</strong> collaborates with <strong>Initech</strong> to pilot test the Korean Won stablecoin <strong>KRWIN</strong>.
BlockBeats News, August 6th, according to The Korea Economic Daily, South Korean digital token developer and issuer fanC has partnered with local financial software company Initech to conduct a trial run of a Korean won stablecoin. The stablecoin, named KRWIN, is pegged 1:1 to the Korean won. This is the first time a private entity has issued a digital asset based on the Korean won with the potential for real-world economic applications. fanC stated that this issuance is a demonstration version aimed at testing the technical feasibility of KRWIN, including its transferability and practical applications. The issuance will be limited to internally selected members and partner platforms for evaluation. Once KRWIN is officially launched, it is expected to be used in areas such as payments, global remittances, and tourism.
Last month, fanC submitted a trademark application for KRWIN and its related technology to the Korean Intellectual Property Office.
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