Avalanche Partners with Travel Wallet to Launch Korean Won Stablecoin

Avalanche (AVAX), a prominent altcoin, has made a significant move by partnering with Travel Wallet, a South Korean fintech foreign exchange platform. This collaboration aims to develop a Korean won-based stablecoin, leveraging Avalanche's layer-1 blockchain technology. The partnership involves signing a memorandum of understanding (MOU) to create a stablecoin pegged 1:1 to the Korean won, utilizing smart contracts for a programmable stablecoin.

The joint effort between Travel Wallet and Avalanche is set to build a next-generation financial payment infrastructure. This infrastructure will support various applications, including integrated online and offline payments, B2B settlements for corporate customers, and financial automation solutions both domestically and internationally. Travel Wallet CEO Kim Hyung-woo highlighted the project's potential to revolutionize finance beyond digital payments, envisioning it as a global payments infrastructure with significant domestic and international applications.

Kim Hyung-woo emphasized the importance of technological reliability and regulatory compliance in building a stable stablecoin ecosystem. This ecosystem is designed to be used both domestically and internationally, aligning with the technological advancements and regulatory frameworks of the region.

This partnership comes at a pivotal time as South Korea's new president, Lee Jae-myung, has pledged to allow the issuance, stock exchange listing, and trading of spot ETFs based on crypto assets such as Bitcoin. The Financial Services Commission (FSC) is working to fulfill these promises by preparing a plan for spot ETF promotion in the second half of the year and completing the regulatory system related to stablecoins within the same period. This regulatory support is expected to lift the ban on Bitcoin ETFs, creating a more favorable environment for cryptocurrency investments and innovations.