The companies completed a technical verification for instant Coupang Eats merchant payouts via a won-denominated stablecoin, with commercial rollout hinging on South Korean legislation.
Coupang and Woori Bank have completed a technical verification test using a won-denominated stablecoin to settle Coupang Eats payment proceeds with merchants in real time, marking an early commercial payments use case for stablecoins in South Korea. The test routed completed order payments to merchants’ electronic wallets through stablecoins, while Woori Bank handled the on- and off-ramp links between wallets and bank accounts so funds could be converted between the stablecoin and fiat currency. The setup is designed to bypass conventional settlement delays in South Korea’s food delivery market, where merchants can wait one to two business days for proceeds. Near-instant settlement could improve cash flow and ease working-capital pressure for small and medium-sized restaurant partners. The trial also highlights growing interest from banks and large technology companies in blockchain-based payment rails that connect with existing financial infrastructure. Commercial deployment will depend on legislation explicitly permitting stablecoin use for merchant settlements. South Korea’s National Assembly is still deliberating digital-asset and stablecoin rules, and no such law has yet been passed. The project also sits alongside the Bank of Korea’s broader digital currency research, although the token used in the test was a privately issued stablecoin pegged to the won.