iM Bank Completes Won Stablecoin PoC With Full Lifecycle

iM Bank has completed a proof-of-concept (PoC) for a Korean won stablecoin, implementing the full lifecycle from issuance through payment, settlement, and redemption. On the 20th, iM Bank announced the successful completion of the won stablecoin technology verification project, conducted in partnership with OpenAsset, a virtual asset financial infrastructure company. The PoC went beyond conceptual validation to implement the entire lifecycle of a won stablecoin—including issuance, charging, payment, settlement, and redemption—in a real financial environment. The bank's recent transition to commercial bank status has prompted active expansion in the digital finance sector, with plans to broaden collaboration on won stablecoin issuance and distribution infrastructure, as well as exploration of blockchain-based payment and remittance services.

Technology Stack and Implementation

The PoC utilized OpenAsset's stablecoin issuance solution, OpenMint, deployed on the Kaia blockchain network. iM Bank issued its own won stablecoin, iMKRW, on this infrastructure. The bank integrated the digital wallet service DAGAON to demonstrate the complete user journey: from won charging through QR-based payment to merchant settlement. All processes were demonstrated in a controlled internal environment, such as the bank's in-house cafe.

Testing and Validation Results

Approximately 10 core departments participated in the PoC, including iM Bank's AX Promotion Division. The bank verified system stability through pilot testing in a controlled environment, with particular emphasis on validating the architecture design and compliance requirements necessary for commercialization. Testing encompassed more than 80 scenarios, all of which operated without errors, according to the bank.

Verified Infrastructure Capabilities

iM Bank stated that it will accelerate the expansion of digital financial services based on the validated infrastructure capabilities demonstrated through the PoC.