Solana Teams Up with Wavebridge for KRW Stablecoin Development
The Solana Foundation has teamed up with Wavebridge, a Korean blockchain firm, to create a KRW-pegged stablecoin. this partnership aims to boost Solana’s presence in Asia’s financial sector.
Under the agreement, Solana and Wavebridge will work on a tokenization engine.This tool will handle the creation, verification, and compliance of Korean won stablecoins. It will include features like whitelist management and transaction control. These features ensure reliability for banks and financial institutions.
The collaboration also includes training for Korean banks on blockchain technology. They will promote money market fund tokenization and expand Solana’s role in Korea’s blockchain ecosystem. Wavebridge specializes in digital asset infrastructure, including custody and prime brokerage services. The partnership aims to link Korea’s regulatory framework with Solana’s global blockchain capabilities.
South Korea is seeing a surge in KRW-based stablecoins. Initiatives like Sui’s collaboration with t’order and KRWT by Frax are already in pilot or live phases. The goal is to reduce reliance on USD-pegged assets and address the “kimchi premium,” which skews local crypto prices.
The project aligns with Solana’s growing role in stablecoins. According to Bitwise CIO Matt Hougan, Solana is becoming “Wall Street’s preferred network for stablecoins” due to its low fees and high throughput.
Key points of the partnership include:
- Development of a KRW-pegged stablecoin
- Tokenization engine for Korean won
- Training for Korean banks on blockchain technology
- Promotion of money market fund tokenization
Wavebridge’s expertise in digital asset infrastructure will help connect korea’s regulatory framework with Solana’s global capabilities. This could impact guidelines expected from the Financial Services Commission later this year.
recent integrations by Worldpay and Bullish Exchange highlight Solana’s growing role in on-chain settlements. The KRW stablecoin could help Korea adopt regulated decentralized finance by connecting banks, fintechs, and public blockchain networks through a compliant framework.
