Danal Fintech and BNK Busan Bank Complete Full Lifecycle Technical Validation for Korean Won Stablecoin

Danal Fintech and BNK Busan Bank have accelerated the development of digital payment infrastructure by successfully completing the technical validation for the commercialization of a Korean won stablecoin platform.

Danal Fintech, the blockchain-focused subsidiary of Danal, announced on June 22 that it has successfully completed the second phase of Proof of Concept (PoC) for the Korean won stablecoin platform in collaboration with BNK Busan Bank.

The two companies previously conducted two rounds of PoC to verify whether the Korean won stablecoin could be used as an actual means of payment. In this second phase, they focused on verifying the processing speed and stability required for commercial service implementation.

This validation was carried out using Danal Fintech’s SaaS-based stablecoin platform “IEUM.” Danal Fintech developed a dedicated test application and administrator dashboard for BNK Busan Bank, while BNK Busan Bank designed a stablecoin model reflecting its existing local currency infrastructure and verified core functions such as top-up, payment, refund, remittance, and settlement.

In particular, this second PoC focused on addressing transaction fee burdens and payment processing delays that were identified during the first validation phase.

Instead of the existing Avalanche public network (C-Chain) environment, Danal Fintech established a dedicated subnet to provide an independent transaction processing environment. This reduced the potential impact of external networks, enhanced the protection of transaction data, and improved processing efficiency.

As a result, payment response times were reduced from the previous average of two seconds to approximately 0.3 seconds. In stress tests involving dozens of simultaneous transactions, all transactions were processed without failure, and transaction fee burdens were also significantly reduced.

A representative from Danal Fintech stated, “While the first PoC confirmed the technical feasibility of Korean won stablecoin payments, the second PoC validated the speed and stability necessary for actual commercial services. In the upcoming third PoC, we plan to expand the scope to verify reserve accounts and integration with offline merchants, so that commercialization can proceed immediately after the relevant laws and regulations are established.”

Based on this technical validation, Danal Fintech and BNK Busan Bank plan to continuously enhance the usability and stability of the Korean won stablecoin for payments and lay the groundwork for expanding digital financial services.

This content was produced with the assistance of AI translation services.