Solana to Develop Korean Won-Pegged Stablecoins Via Partnership

Core Insights - Solana Foundation has partnered with Wavebridge to create a compliance-ready KRW-pegged stablecoin aimed at institutional use [1][3] - The collaboration will focus on developing a tokenization engine for managing issuance, verification, and compliance of Korean won stablecoins [2] - South Korea is preparing to introduce a regulatory framework for won-backed stablecoins, with legislation expected this month [4] Group 1: Partnership Details - The partnership between Solana and Wavebridge involves creating institutional-grade tokenization products [1] - Wavebridge will lead in regulatory coordination and compliance, leveraging its expertise alongside Solana's global ecosystem [3] Group 2: Market Context - The introduction of the KRW-pegged stablecoin comes as stablecoins gain popularity, with Tether planning to engage with domestic fintech companies [5] - The first Korean won-backed stablecoin, KRW1, was launched by BDACS on the Avalanche blockchain, backed 1:1 with won held in escrow [4]