Choi Won-seok, CEO of Finiverse, Proposes Use of Won Stablecoin for SME Trade Settlements

Choi Won-seok, the CEO of Finiverse, argued that the won stablecoin should be utilized as a trade settlement infrastructure for small and medium-sized enterprises (SMEs). He explained that this could reduce payment delays, fees, and exchange rate fluctuations that occur in the existing dollar-centric international remittance system, while also expanding the overseas usage of the won. At a forum held at the National Assembly Library on the 11th, he emphasized the necessity of applying the won stablecoin in trade, citing transactions with Indonesia as an example. Payments through the existing SWIFT network take 3 to 5 days and involve significant fees and exchange rate risks. CEO Choi proposed that importing companies purchase won stablecoins in their local currency to remit to domestic exporting companies, enabling trade payments without going through the dollar. He introduced the concept of local currency transactions (LCT) between Korea and Indonesia, stating that transactions using both countries' currencies are possible. However, to utilize the won stablecoin for cross-border trade settlements, it must overcome regulations related to foreign exchange transactions. Finiverse is testing this payment method through a financial regulatory sandbox and is in discussions with financial authorities regarding the feasibility of applying this system. CEO Choi emphasized the importance of securing actual use cases for the won stablecoin.

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