MoonPay Targets South Korea as Stablecoin Adoption Accelerates

• MoonPay launches Korea operations to establish a strategic base for Asian expansion.
• Woori, KB and KakaoBank will explore stablecoin payments and cross-border remittances.
• MoonPay will provide infrastructure rather than issue its own won-denominated stablecoin.

MoonPay has launched its Korean subsidiary as it expands its Asian operations, targeting won stablecoins, cross-border payments, remittances and digital asset infrastructure. The company plans to work with major Korean financial institutions to connect its global network with the country’s established banking and payment systems. 

MoonPay Builds Korea Base for Asian Expansion

MoonPay unveiled MoonPay Korea on Sept. 29, according to Maeil Business Newspaper, positioning South Korea as a regional base for its broader Asian expansion. The company plans to connect its global digital asset infrastructure with Korean banks, card companies and financial technology providers.

MoonPay co-founder and Asia-Pacific head Lee Bu-gun said Korea combines strong virtual asset demand with advanced digital payment infrastructure. The company expects that combination to support new financial services and broader blockchain-based payment applications.

The expansion centers on partnerships with Woori Bank, KB Financial Group and KakaoBank. MoonPay will also work with Finger, a Korean financial technology company, to connect its global APIs and wallet infrastructure with domestic financial systems.

MoonPay acquired Finger alongside partners earlier this year, strengthening its ability to adapt global infrastructure to Korea’s financial environment. The company plans to support transaction authorization, settlement, payments and other services through local systems.

Meanwhile, MoonPay is preparing the regulatory procedures required for its Korean operations. These include virtual asset service provider registration and other licenses applicable to individual services.

Won Stablecoins Drive Cross-Border Payment Plans

Won stablecoins are central to MoonPay’s Korean strategy, although the company does not currently plan to issue its own won-denominated token.

Instead, MoonPay intends to provide infrastructure for issuers and connect stablecoins with international payment and distribution networks. If won stablecoins receive regulatory approval, overseas Koreans, students and tourists could potentially access and use them abroad.

The proposed applications include remittances, merchant payments, trade transactions and corporate settlements. As a result, MoonPay expects international distribution to become an important part of the emerging Korean stablecoin market.

Woori Bank will explore cross-border corporate payments and the overseas distribution of won stablecoins with MoonPay. The partnership could connect Woori’s banking infrastructure with MoonPay’s global wallet and conversion network.

KB Financial Group will examine fiat-to-crypto infrastructure, wallets, stablecoin distribution and overseas settlement. KB Kookmin Card will also test digital asset payments for foreign visitors at Korean merchants.

KakaoBank is pursuing another cross-border remittance model with MoonPay. The proposed system would connect Korean remittance applications with overseas bank accounts through digital asset settlement.

The model aims to complete transfers within one hour, including screening, currency conversion, stablecoin transfers and dollar deposits into US accounts.

Regulation Shapes MoonPay’s Korean Strategy

MoonPay’s expansion comes while South Korea develops its second-stage digital asset legislation. The Financial Services Commission expects the Digital Asset Framework Act review to reach a National Assembly subcommittee in November.

Stablecoin issuance, issuer eligibility and supervision remain important elements under consideration. The Bank of Korea has also supported a framework involving regulated banks for won-denominated stablecoins.

As a result, MoonPay is structuring its Korean operations around existing financial institutions and regulatory requirements. Its planned “Full Stack Last Mile” model goes beyond APIs and software tools to support deposits, withdrawals, payments, settlements, refunds and transaction monitoring.

The company says its systems will incorporate Korean requirements covering customer identification, anti-money laundering controls, abnormal transaction detection and security procedures.

MoonPay currently reports more than 32 million verified users and over 1,500 partners globally. Its infrastructure supports more than 120 fiat currencies and 170 payment methods across more than 180 service areas.

The company is also expanding into tokenized assets, custody, wallets, stablecoin payments and AI-driven transactions. At the Seoul launch, MoonPay demonstrated an AI payment system that can make small digital payments for external search services.