Initech Launches Full-Scale Won-Based Stablecoin Business

Initech announced on July 28 that it will begin full-scale operations in the won-based stablecoin business.

Initech, in collaboration with Fancy (FANC), which operates the blockchain-based content platform 'Celebby', will issue KRWIN (the trademark name for the stablecoin) in response to market trends, accelerating its entry into the won-based stablecoin business.

Kim Cheolgyun, CEO of Initech, stated, "The won-based stablecoin will become the core of future digital coins," and added, "Initech, with its competitiveness in financial security, will take a leading role in establishing a stablecoin business model that can be used safely."

KRWIN is planned to be pegged 1:1 to the Korean won, with a pilot issuance targeted within this year. It is designed so that users can make payments at affiliated stores nationwide just like using the Korean won, through a smartphone-based simple payment feature. The company expects it to become a safe and convenient payment method for foreign tourists.

Initech has signed a strategic legal advisory agreement with Barun Law LLC to secure legal reliability for its stablecoin. The KRWIN issuance reserve will be managed under a trust structure, with segregated storage through a custodian institution and oversight by the law firm.

Together with Fancy (FANC), which operates the blockchain-based content platform 'Celebby', Initech aims to proactively respond to the surging demand for visits to Korea, including K-pop, K-food, and medical tourism.

On July 18 (local time), U.S. President Donald Trump signed the GENIUS Act. According to the bill, stablecoins for payment and settlement purposes can be issued by banks, credit unions, and non-bank financial institutions. Issuers are required to register with federal regulatory authorities.

An Initech official stated, "As stablecoin regulations in the United States are being legislated, it is expected that related laws and regulations will also be established in Korea," and added, "Initech plans to pursue various business models through business cooperation with U.S. investment advisory firm Dominari Holdings in August."