A recent agreement between Travel Wallet and blockchain solution Avalanche includes plans for the creation of a new stablecoin and financial infrastructure.
Agreement between Avalanche and Travel Wallet
The South Korean financial platform Travel Wallet has signed a memorandum of understanding with Avalanche to develop a new stablecoin. This agreement confirms the intention of the parties to create a new financial product based on blockchain technology.
Planned Stablecoin on the Korean Won
According to the agreement, Travel Wallet plans to issue a stablecoin pegged to the Korean won at a 1:1 ratio. The use of smart contracts will allow for the creation of a programmable stablecoin that can be applied in various financial operations.
Regulatory Changes in South Korea
Newly elected South Korean President Lee Jae-myung promised during his campaign to allow the issuance and trading of spot ETFs based on crypto assets such as Bitcoin. Regulators in the country are working to fulfill these promises by developing a plan for spot ETF promotion and establishing a regulatory system for stablecoins.
The agreement between Avalanche and Travel Wallet indicates the growing interest in blockchain technologies and stablecoins in South Korea, which could reshape the financial landscape of the region.
