TLDR
- SUI and t’order introduce a KRW stablecoin for seamless payments across 300,000 retail locations.
- Stablecoin payments are expected to save small businesses $100 million annually in fees.
- South Korea’s t’order app supports 35 million users and $4.3 billion in annual transactions.
- The collaboration is backed by South Korea’s crypto-friendly regulations and stablecoin growth.
SUI, a leading layer-1 blockchain network, has partnered with t’order, South Korea’s top table-ordering app, to introduce a KRW stablecoin aimed at transforming real-world payments across the country. This collaboration seeks to streamline transactions for retail and small businesses while providing a cost-effective alternative to traditional payment methods. The stablecoin will be pegged to the South Korean Won, promising seamless, low-fee transactions for millions of users.
KRW Stablecoin for Real-World Payments
The new stablecoin will be pegged directly to the South Korean Won, offering a reliable digital currency for everyday transactions. This partnership between SUI and t’order is designed to make blockchain technology more accessible and practical for retail and small businesses across South Korea. With the integration of blockchain payments, the initiative aims to reduce payment fees significantly.
T’order, which boasts 35 million active monthly users and processes over $4.3 billion annually across 300,000 point-of-sale devices, will be central to the success of this launch. The KRW stablecoin allows users to make transactions using digital currency at any of the supported point-of-sale terminals, all while maintaining the familiar value of the Korean Won.
A Strategic Move for Small Businesses
One of the core goals of this initiative is to reduce payment fees for small businesses. With high transaction costs from traditional credit card processors, the integration of blockchain-based payments will offer lower fees, which could potentially save small businesses an estimated $100 million annually. By providing a stablecoin alternative, SUI and t’order aim to give businesses a more affordable and efficient method of processing payments.
Walrus Protocol, another key player in the collaboration, will work alongside SUI and t’order to ensure the smooth implementation of the stablecoin into the payment ecosystem. This combined effort is expected to ease the adoption of blockchain-based payment systems among South Korean businesses.
Growth of Stablecoin Adoption in South Korea
The South Korean market has seen growing interest in stablecoins, with platforms such as Kaia and Upbit advancing KRW-pegged assets in recent years. This growing trend is supported by a crypto-friendly regulatory environment in the country, which has allowed for increased experimentation with blockchain-based solutions. The introduction of the KRW stablecoin by SUI and t’order will likely further drive the adoption of digital currency payments in South Korea’s retail sector.
As blockchain technology becomes more widely accepted, both consumers and businesses are expected to benefit from faster, more secure, and less expensive transactions. This move is in line with South Korea’s broader efforts to embrace cryptocurrency and digital finance innovations.
Enhancing Blockchain Integration in Retail
This partnership marks a significant step toward increasing blockchain integration in South Korea’s retail sector. By focusing on practical solutions that benefit both businesses and consumers, SUI, t’order, and Walrus Protocol are positioning themselves to lead the way in the country’s blockchain adoption.
The collaboration also benefits consumers who will be able to use the KRW stablecoin for their everyday transactions. With a simple and efficient payment system, users will experience the advantages of digital currency, including low transaction costs and fast processing times.
Through this initiative, SUI and t’order hope to build a more robust and accessible blockchain ecosystem in South Korea, positioning the country as a leader in the use of digital currencies for everyday payments.
