It has been confirmed that domestic companies Waybridge and Danal have established a system that allows them to directly secure the dollar stablecoin USDC without going through a cryptocurrency exchange.
According to industry sources on the 18th, the two companies hold 'Circle Mint (Issuance),' a USDC issuance and redemption account provided by USDC issuer Circle to corporate customers.
Typically, USDC must be purchased on a cryptocurrency exchange. However, businesses with Circle's corporate mint account can send dollars via bank transfer and receive the equivalent USDC directly. When the USDC is returned to Circle, it is converted back to dollars and remitted to the bank account.
Circle issues Circle Mint accounts only to companies that have comprehensively verified business-related information, including corporate name, country of incorporation, corporate form, and expected monthly issuance volume. According to Circle's official website, USDC issuance and redemption through Circle Mint is available in approximately 80 countries worldwide, including Korea. Circle clearly states that "Circle Mint is not a bank account, but a platform for issuing and redeeming USDC for businesses."
Waybridge, a domestic Virtual Asset Service Provider (VASP) licensed company, operates Dolphin, a cryptocurrency brokerage platform targeting institutional clients. When corporations purchase large amounts of cryptocurrency directly from exchanges, a flood of orders can occur, potentially leading to increased price volatility. Waybridge addresses this demand by brokering over-the-counter (OTC) trading, integrating with major cryptocurrency exchanges around the world to design trading conditions.
Considering this business structure, it seems likely that Waybridge has secured Circle's mint account to prepare for future demand for USDC from institutional clients. If a company can instantly convert its dollar holdings into USDC via bank transfer, the transaction process could be simpler than purchasing USDC with Korean Won on an exchange.
Danal announced today that it is joining the Circle Alliance Program (CAP). They will jointly pursue Circle's proprietary blockchain, Arc, including operating Circle Mint accounts. The two companies plan to jointly design a real-time payment and settlement model that combines Danal's domestic payment infrastructure with Circle's global payment network.
If the USDC issuance and redemption structure is implemented through Danal, the scope of USDC utilization in the domestic payment infrastructure could also expand. A Danal representative stated, "We have decided to prioritize the establishment of a domestic USDC payment infrastructure," adding, "The first service to be implemented is the foreign prepaid card 'Konda (K.ONDA)'."
- Reporter Do Ye-ri
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