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OP South Korea launches its first government-backed blockchain stablecoin pilot project
Gyeonggi Province confirmed that an eight-month proof-of-concept program will be launched in August, which means South Korea\'s first government-backed blockchain stablecoin pilot project was officially launched.
Project Summary
Gyeonggi Province will launch South Korea\'s first government-backed blockchain stablecoin pilot project in August. ZKrypto will be responsible for testing issuance, settlement, privacy protection, fraud prevention and reserve certificates before February 2027. At the same time, Toss and KT have also launched plans to develop infrastructure for won-based stablecoins.
Gyeonggi Province, South Korea\'s most populous province, will begin testing blockchain-based stablecoins for regional currencies and government payments in August as an exploratory initiative. The project is led by blockchain security company ZKrypto and is expected to last until February 2027.
The first phase focuses on core stablecoin functions
In the initial phase, the pilot will test the issuance, circulation and settlement processes of stablecoin, and then enter the second phase from October to December. ZKrypto said that in the later stage, the focus will be on fraud prevention measures, privacy protection and the possibility of using the stablecoin in public welfare projects. To support the pilot, the system will use zero-knowledge proof technology to prevent double payments while protecting user privacy. The company also noted that reserve certification technology will verify reserve assets in real time throughout the testing process.
ZKrypto said that the background of the project is the continued adoption of U.S. dollar stablecoins around the world, and South Korea should strengthen its domestic stablecoin infrastructure. The company views the provincial pilot as a step in assessing whether locally issued digital assets can support public sector financial services.
Private companies are actively expanding the Korean won stablecoin infrastructure
While the government supports the pilot, a number of South Korean private companies also announced relevant measures this week to continue testing blockchain payment infrastructure. Earlier this week, financial super app Toss signed a strategic agreement with Optimism and Sunnyside Labs to jointly evaluate the infrastructure needed for a Korean Won-based stablecoin. The three companies will conduct a three-month proof-of-concept to determine whether blockchain infrastructure can support institutional payment systems while complying with South Korean financial regulations.
In addition, KT, South Korea\'s largest telecommunications company, plans to invest 18 trillion won (approximately US$13.2 billion) over the next three years, of which 6 trillion won will be used in artificial intelligence infrastructure and 12 trillion won will be used in networks, information technology and network security. KT CEO Park Yun-young said that the investment strategy also includes expanding tokenization services and Korean won based stablecoin infrastructure. The company said these blockchain plans will be advanced in parallel with upgrades to core telecommunications businesses as part of its long-term growth plan.
Taken together, these announcements indicate that government agencies, fintech companies and telecom operators are testing different areas of South Korea\'s digital payment infrastructure. Gyeonggi Province is exploring the use of stablecoins in public administration, while private companies are evaluating blockchain networks for regulated payments and building the infrastructure needed to support future won denominated digital assets.
