MoonPay launches Korean unit with three banks, plans won stablecoin channels
MoonPay launched MoonPay Korea on Sept. 29 with Woori Bank, KB Financial Group and KakaoBank, and plans Korean licenses plus won stablecoin distribution if won stablecoins are issued.
Why it matters
MoonPay's Korean expansion depends on an asset that does not yet exist: Finbold reported there is no legally recognized won stablecoin, and the Digital Asset Basic Act that would license one is still stalled in committee over whether issuance is reserved for bank-led consortiums. The JPYC trading on Upbit shows how a token regulated in one Asian market can move far from its peg when it is listed in another market that has no market maker.
Where the sources disagree
Whether MoonPay's won stablecoin work is conditional on Korean issuance rules
distribution channels planned only if won stablecoins are issued under South Korea's developing rules
Crypto.News
won-backed digital currencies listed among the plans, without an issuance condition
Bitcoin.com News
Crypto.News described the overseas distribution plan for won stablecoins as conditional on issuance under South Korea's developing rules, while Bitcoin.com News listed won-backed digital currencies among the subsidiary's plans with no such condition.
JPYC opening price on Upbit
about 9 won at the open
Bitcoin Insider
about 12 won at the open
Bitcoin Insider
near 37 won within the first hour or so
Bitcoin Insider
Bitcoin Insider said the yen-pegged token opened at roughly 9 to 12 won depending on the source, citing exchange and on-chain data reported by Odaily and Startup Fortune.
Key facts
MoonPay launched its Korean subsidiary MoonPay Korea at an official event in Seoul on Sept. 29, 2026.
Reported by Crypto.News
Woori Bank, KB Financial Group and KakaoBank will work with MoonPay on stablecoins, payments and cross-border remittances.
Reported by Crypto.News
KakaoBank and MoonPay are targeting international student remittances to U.S. bank accounts in under one hour.
Reported by Bitcoin.com News
KB Financial Group is exploring stablecoin payments after an earlier trial cut transfer fees by 87%.
87 %Reported by Bitcoin.com News
MoonPay plans to build overseas distribution channels for won stablecoins if they are issued under South Korea's developing rules, and to pursue the licenses its Korean operations need.
Disputed figureReported by Crypto.News
A joint report by RedStone and Kaia published Sept. 29, 2026 put KRW pairs at roughly 30% of global spot volume, making the won the second most traded currency in digital assets after the dollar.
30 %Reported by Finbold
JPYC, the yen-pegged stablecoin Japan's Financial Services Agency approved as the country's first domestic yen stablecoin, opened on Upbit at roughly 9 to 12 won against a token meant to hold about one yen and traded near 37 won in the first hour, with no market maker permitted.
Disputed figureReported by Bitcoin Insider
What happened
MoonPay launched MoonPay Korea at an event in Seoul on Sept. 29, 2026, and named Woori Bank, KB Financial Group and KakaoBank as working partners on stablecoins, payments and cross-border remittances, alongside fintech company Finger. Bitcoin.com News reported that KakaoBank and MoonPay are targeting international student remittances to U.S. bank accounts in under an hour, and that KB Financial Group is exploring stablecoin payments after an earlier trial cut transfer fees by 87%. Crypto.News, citing Maeil Business Newspaper, said MoonPay intends to pursue the licenses its Korean operations need and to build overseas distribution channels for won stablecoins only if those assets are issued under South Korea's developing rules. Finbold, citing The Seoul Standard and a joint report by RedStone and Kaia published Sept. 29, said the won is the second most traded currency in digital assets with KRW pairs at roughly 30% of global spot volume, but that no won stablecoin is legally recognized and the Digital Asset Basic Act remains in committee. Bitcoin Insider, using exchange and on-chain data reported by Odaily and Startup Fortune, said JPYC opened on Upbit at roughly 9 to 12 won against a token meant to hold about one yen and traded near 37 won in the first hour because Korean rules allowed no market maker.
How the story developed
- First report
First report by Crypto.News
MoonPay targets won stablecoins as it expands into South Korea
- Update
MoonPay unveils MoonPay Korea in Seoul with three banks and Finger
MoonPay detailed work with Woori Bank, KB Financial Group, KakaoBank and fintech company Finger, and said it would test services with them before connecting them to its international payment and digital asset network.
- Independent corroboration
Independently corroborated by Finbold
Korea’s won is crypto’s second most traded currency, and a missing stablecoin law is sending billions offshore
- Update
RedStone and Kaia report puts won trading at roughly 30% of global spot volume
The report, cited by The Seoul Standard, said no won stablecoin is legally recognized and that the Digital Asset Basic Act is still in committee.
- Official statement
Official statement from Bitcoin.com News
Moonpay Enlists South Korean Banking Giants in Asian Stablecoin Push
- Update
Bitcoin.com News details the sub-hour remittance target and the 87% fee cut
KakaoBank and MoonPay are targeting student remittances to U.S. bank accounts in under an hour, and KB Financial Group is exploring stablecoin payments after a trial cut transfer fees by 87%.
- Update
JPYC trades far above its peg after listing on Upbit
The yen token approved by Japan's Financial Services Agency opened at roughly 9 to 12 won and traded near 37 won in the first hour, with no market maker allowed under Korean rules.
- Update
South Korea's financial regulator to review the Upbit market-maker ban
The regulator said it would review the ban eleven days after the JPYC listing.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 29 Sept 2026, 07:18 UTC: Crypto.News — 1 independent source, 1 reports
- 29 Sept 2026, 13:11 UTC: Finbold — 2 independent sources, 2 reports
- 29 Sept 2026, 19:30 UTC: Bitcoin.com News, official — 3 independent sources, 3 reports
- 2 Oct 2026, 10:16 UTC: Bitcoin Insider — 4 independent sources, 6 reports
Affected entities
Also mentioned: Tether USDt, Sui, Japan, China, United States
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Moonpay Enlists South Korean Banking Giants in Asian Stablecoin Push | Independent | |
| Crypto.News Crypto media | MoonPay targets won stablecoins as it expands into South Korea | Original | |
| Crypto.News Crypto media | South Korea to let stocks, bonds and funds go onchain | Independent | |
| Crypto.News Crypto media | South Korea’s Upbit and Bithumb list new AI tokens | Independent | |
| Finbold Crypto media | Korea’s won is crypto’s second most traded currency, and a missing stablecoin law is sending billions offshore | Independent | |
| Bitcoin Insider Aggregator | Asia's Stablecoin Rulebooks Are Diverging, and a Yen Token on Upbit Exposed the Seams | Syndicated |
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