On June 19, Initech announced that it will officially enter the won-based stablecoin business.
Initech aims to build a Korean-style digital financial infrastructure, leveraging its 25 years of experience in the security solutions sector. The company plans to expand beyond simple stablecoin-based payments into various fields, including tourism NFT passes, airline and accommodation vouchers, and local economy digital tokens.
The stablecoin business has been tentatively named 'KRWC,' and will be pegged 1:1 to the Korean won. Initech is currently consulting with financial authorities through a major law firm, targeting a pilot issuance within the year. The company also plans to pursue partnerships with major tourism companies and organizations.
Initech expects KRWC to become a safe and convenient payment method for foreign tourists. It aims to address inconveniences such as the hassle of currency exchange, high fees, and limited usability that tourists currently face. The stablecoin is designed to be used nationwide like the Korean won through smartphone-based easy payment features at affiliated merchants.
To respond to the surging demand for travel to Korea driven by K-pop, K-food, and medical tourism, Initech has signed a business agreement with FANC, which operates the blockchain-based content platform Celebby. FANC operates Celebby in Korea, the Philippines, Thailand, Vietnam, Indonesia, and India. Based on this MOU, Initech expects to strengthen the circulation structure of tourism revenue.
Initech possesses core competitive strengths such as security, regulatory compliance, and technological convergence. The company ensures the safety of digital assets through PKI (Public Key Infrastructure)-based security technology and security solutions that have been validated in the financial sector.
For overseas expansion of the project, Initech is collaborating with the U.S. investment advisory firm Dominari Holdings. The company has brought on Jay J. Yu, Vice President of its subsidiary Dominari Securities, as a global strategic advisor.
Dominari Holdings has a strong advantage in U.S. political and financial networks, as Donald Trump Jr., son of U.S. President Donald Trump, serves as an advisor.
Initech CEO Lee Sangjun stated, "Given the lack of regulation and user asset protection issues associated with global stablecoins currently relied upon in the digital asset market, KR-Won Coin will become a safe and trustworthy won-based digital currency that can serve as an alternative. It will be an important foundation for establishing Korea's digital economic sovereignty, not just a simple cryptocurrency."
He added, "We will design a new digital asset-based economic order in various fields beyond the tourism industry, such as trade, content, and public services. We also expect the possibility of linking with the government's ongoing Korean-style CBDC (Central Bank Digital Currency) pilot and digital financial innovation policies."
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