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[SITUATION] · [ACTIVE] · [TECHNOLOGY]

3 clusters · 18 sources · 5 days · First seen · Last updated

South Korean stablecoin and digital asset development

Overview

Efforts to expand the South Korean digital asset market have seen significant infrastructure and partnership developments. Injective and digital asset custodian BDACS signed a memorandum of understanding to integrate KRW1, the country’s first won-backed stablecoin, into the Injective blockchain ecosystem. This initiative seeks to provide a local currency settlement asset for real-world assets to mitigate foreign exchange exposure and capital outflows.

Following this, Chainlink and LG CNS announced a strategic partnership to develop infrastructure for the digital asset market. By integrating Chainlink’s oracle and cross-chain tools into the LG CNS Digital Asset Platform Solution, the collaboration aims to support the distribution of Korean won stablecoins and the tokenization of financial assets. LG CNS, which serves as a lead contractor for the Bank of Korea’s Project Hangang, intends to use these technologies to connect smart contracts with real-world data. The partnership specifically targets South Korea’s $68 billion cryptocurrency market and focuses on establishing technical standards to support the growth of the tokenized securities market and provide secure connectivity between different blockchains and traditional financial systems.

Entities

South Korea · Bank of Korea · Chainlink · LG CNS · LG Group

Timeline

  1. [TECHNOLOGY] 11 sources
    Chainlink partners with LG CNS to advance South Korea's digital asset market

    Chainlink and LG CNS have partnered to integrate cross-chain and data infrastructure into South Korea’s $68 billion digital asset market, targeting institutional solutions and technical standards.

  2. [TECHNOLOGY] 4 sources
    Chainlink and LG CNS partner to expand South Korean stablecoins

    Chainlink and LG CNS are partnering to integrate oracle and cross-chain technology into South Korea’s digital asset infrastructure, focusing on the expansion of Korean won stablecoins.

  3. [TECHNOLOGY] 4 sources
    Injective and BDACS partner for Korea's first won-backed stablecoin

    Injective and BDACS are partnering to launch KRW1, South Korea's first won-backed stablecoin, to facilitate won-denominated settlement for real-world assets on the blockchain.

Sources

ad-hoc-news.de · ambcrypto.com · blockonomi.com · cointelegraph.com · criptonoticias.com.br · criptotendencia.com · exame.com · it-boltwise.de · latestnigeriannews.com · merca2.es · moneytimes.com.br · mycryptoparadise.com · neweconomy.jp · news.bitcoin.com · omaringa.com.br · rande-academy.cz · tokenpost.com · webdisclosure.com

This summary has been updated 1 time: see revision history