[Alpha Biz= Paul Lee] Seoul, September 30 – Dunamu, the operator of leading Korean cryptocurrency exchange Upbit, has denied media reports suggesting that it is partnering with overseas blockchain projects to issue a Korean won–based stablecoin.
In a statement released on the 30th, Dunamu said:
“We are not considering any partnership with overseas blockchain projects IQ or Frax Finance.”
Some media outlets had reported that Dunamu was trialing stablecoin issuance on its proprietary blockchain platform KiwaChain, in collaboration with IQ and Frax Finance. The reports claimed that Dunamu was testing ‘KRWT,’ a stablecoin backed by Circle’s USD Coin (USDC), which would issue KRWT equivalent to the KRW value of deposited USDC based on the prevailing exchange rate.
KiwaChain, unveiled earlier this month, is Dunamu’s Layer 2 blockchain built on optimistic rollup architecture. It is designed as an open “operating system” where developers can experiment with blockchain services without requiring prior approval.
A Dunamu representative clarified that such experiments are independent of the company’s plans:
“Blockchain service experiments on the KiwaChain testnet do not require Dunamu’s approval. The KRWT project is a stablecoin experiment unrelated to Dunamu’s intent.”
The spokesperson further emphasized:
“Dunamu is not preparing to issue a KRW stablecoin in partnership with Frax Finance or IQ.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
