Mobile app Toss and blockchain Optimism to conduct Korean won stablecoin POC : report
Toss has reportedly partnered with Optimism and Sunnyside Labs for a proof of concept on the feasibility of a Korean won-based stablecoin for payments.
Viva Republica, the operator of South Korea-based mobile money transfer app Toss, reportedly signed a memorandum of understanding with blockchain company Optimism to test a Korean won-based stablecoin infrastructure for institutional payments.
The companies, along with privacy solutions provider Sunnyside Labs, will conduct a three-month proof of concept (PoC) using Optimism’s OP Stack and Sunnyside’s Privacy Boost protocol to develop a Korean won-based stablecoin and assess whether these technologies can be applied to domestic blockchain-based payment infrastructure for financial institutions, reported Yonhap News on Wednesday.
The PoC will explore whether financial institutions can control the settlement process, the feasibility of implementing know-your-customer (KYC) and anti-money laundering (AML) verification requirements and whether transactions can remain private on a public blockchain ledger.