Korea enables FX conversion into won-backed municipal stablecoin

South Korea has begun building infrastructure to support the exchange of won-pegged stablecoins linked to local government currencies, the Seoul Economic Daily reported. Bdan Jumeoni (meaning “silk pouch” in Korean) is a project launched under a tripartite memorandum of understanding signed in May 2025 by Hashed, Naver Financial, and the Busan Digital Asset Exchange, and has recently introduced its official application. The app is currently in a pre-launch phase, displaying only its core planned features. One key function will allow users to exchange foreign currencies for Dongbaekjeon—Busan’s municipal currency—which is issued as a stablecoin backed by the Korean won.