First Won-Pegged Stablecoin KRWIN Begins Demo Rollout

KRWIN has become the first Won-pegged stablecoin launched in a joint collaboration of fanC and Initech, it is pegged on a 1:1 ratio with the national currency of South Korea. With this pilot, it is intended to test the transferability, feasibility, and real-world applications of KRWIN.

It is worth noting that there is no official date announced for the full-fledged launch of KRWIN, but reports from regional media outlets note its complete operation by year-end.

The Korean Herald said in its report dated August 05, 2025, that it is the first time that a private entity has issued a Won-pegged stablecoin with the potential to be used in the real economy.

KRWIN’s demo launch to monitor real application & technical feasibility

In its demo launch phase, the developer and issuers of this won pegged stablecoins aim to test the transferability, real-world applications, and technical feasibility, yet till the pilot phase, the circulation will be limited to internally chosen members and affiliated platforms for evaluation purposes.

With this demo launch, Lee Dong-ho, a representative of fanC, said, “ This test issuance marks a significant first step in building a practical foundation for stablecoin adoption, merging financial security with the blockchain technology.”

“KRWIN will establish itself as a leading private model driving future demand for won-pegged digital assets,” added Lee.

With its full-fledged launch in the near future, KRWIN is expected to be used in different sectors, including payments, global remittance, and tourism.

Since the middle of 2024, stablecoins have gained massive traction, and from the beginning of this year, several known finance giants have marked attendance by entering the stablecoin category.

Not only the favouritism from companies and institutions, but also regulators have slightly changed the stance over stablecoins, with some nations already having laws for these blockchain-based products, and others are in the review phase and might release the rules and regulations for the same.

Will the stablecoins market cap reach over $350B by 2025 end?

According to the data from CoinMarketCap, as of writing, the stablecoin market has a market capitalization of $278,542,274,412, and the trading volume is $136,813,697,796

Yet in terms of market capitalization, USDT leads the charge with a capitalization of $163 billion, followed by USDC with $64 billion and EthenaUSDe at $9.44 billion.

In the YTD frame, the wider stablecoin market has experienced several upticks, and further experts and market watchers argue that by the end of this year, it is expected to reach a new high and have higher chances to beat the mark of $350 billion in market capitalization.

Yet the entry of private players in the stablecoin category is expected to bring more regulatory clarity over stablecoins, with many more such blockchain-based stablecoins expected in the market.

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