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- Naver Financial prepares to launch a new stablecoin wallet next month.
- The service targets Busan residents and future international users.
- A KRW-stablecoin feature may reshape local and tourist payments.
Naver Financial moves closer to its merger with Dunamu as it prepares a stablecoin wallet service for launch next month. The company developed the service with blockchain investment firm Hashed.
According to industry sources, the project is now at its first full version level. Finally, the wallet’s name is given as the ‘Sidanjumyeon’ wallet. This wallet was developed through collaboration between the ‘Naver Financial’ company, ‘Hashed,’ along with ‘Busan Digital Exchange.’
Details on the service are expected to be announced during Blockchain Week in Busan in 2025. This event will take place on the 22nd of next month. It’s expected that the event will be used by the team to clearly demonstrate how the product works in supporting the digital finance plans in Busan.
Partnership Builds a Local Digital Asset Wallet
The three firms began the process of creating Sidanjumyeon in May in order to ensure that the people of Busan had an effortless means of carrying the digital assets. Hashed and the Busan Digital Exchange manage the process in terms of the technology involved. Engineers from Hashed develop the framework that ensures the assets are safe.
Naver Financial focuses on activation by utilizing their strong online payment network. The parties expect new possibilities to emerge once the regulation on stablecoin is clearly defined. They will increase the function to cover the conversion of fiat money into Dongbaekjeon.
Dongbaekjeon is the stablecoin pegged to the Korean Won. It also functions as the local cryptocurrency in Busan. It was introduced by BNK Busan Bank. Initially, the bank has initiated research on how its stablecoin, Dongbaekjeon, could shift from the current system related to prepaid programs to being fully fledged.
Stablecoin Exchange Feature Aims at Tourists and Local Users
International travelers are also expected to make use of the exchange function. Tourists usually want a simplification of the process of payments without having to engage in lengthy processes of exchange. This is the expected benefit that the Sidanjumyeon will provide.
Thus, the wallet allows the user to make one-step conversions of the foreign money deposited into KRW-stable coins. This wallet also allows one to make payments within Busan. Moreover, the vision of Naver Financial includes combining the Dongbaekjeon wallet with its payments system.
Naver Pay is already supporting millions of users in the country. Dongbaekjeon also has 1.5 million active users each month. Integration of the two might increase the company’s strength in local as well as in national mobile payments.
But the impending launch presents an important watershed. Local financial participants call for quicker and more secure solutions for online payments. Sidanjumyeon might represent the initial stage in the transition towards the usage of stablecoin in payments.
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