It has been confirmed that the simple payment platform Toss (Viva Republica) and virtual asset exchange Bithumb are discussing cooperation plans to build a stablecoin-based payment system. This is seen as a check on the won stablecoin model being pursued by Naver Pay and Upbit (operated by Dunamu), and a signal of a new competitive landscape for dominance in the domestic payment market.
According to the financial sector, Toss has recently been discussing the design and verification of a payment system using stablecoins with Bithumb. While the specific issuance structure or implementation timing has not been disclosed, both parties are accelerating the conceptualization of a new business that merges simple payment and virtual asset technologies.
This cooperation appears to be the result of Bithumb's aim to increase its influence in the simple payment market and Toss's exploration of blockchain-based financial services. Particularly, as the won stablecoin issuance and utilization model pursued by Naver Pay and Upbit becomes more visible, a similar form of 'counter-alliance' is taking shape.
Meanwhile, domestic banks are also participating in a consultative body for won stablecoin issuance, indicating a simultaneous development of competition and cooperation between the private sector and financial institutions. There are also predictions that if stablecoins become established as a payment method, they could bring significant changes to the simple payment ecosystem and financial infrastructure as a whole.
The actual issuance and service launch will likely be determined by future regulations and the government's establishment of stablecoin guidelines.
