Coupang, Woori Bank complete stablecoin test for real-time Coupang Eats settlements

Coupang and Woori Bank have completed a technical verification test using a won-denominated stablecoin to settle Coupang Eats payment proceeds with merchants in real time, laying the groundwork for commercialization after related legislation is put in place, CoinReaders reported. The test implemented a process in which, after a Coupang Eats order payment was completed, the funds were transferred and settled to a merchant’s electronic wallet through stablecoins. Woori Bank handled the on- and off-ramp system linking electronic wallets and bank accounts to enable conversions between stablecoins and fiat currency.