Dozn Co., Ltd.

South Korean fintech company DOZN announced on September 22 that it has entered into a business partnership with the Kaia DLT Foundation. The two aim to build a cross-border infrastructure for settling stablecoins pegged to various Asian national currencies in South Korean won. The companies will conduct technical verification for JPY-pegged JPYC, Indonesian rupiah-pegged IDRP, and Philippine peso-pegged PHPC. They plan to verify the entire settlement process, from payment on Kaia to the deposit of won into South Korean bank accounts. Under the mechanism, stablecoins received on Kaia are returned directly to their issuers in exchange for the corresponding fiat currency, after which DOZN converts that fiat currency into South Korean won and deposits it into South Korean bank accounts. The Kaia DLT Foundation will handle connections with stablecoin issuers in each country and the on-chain network, while DOZN will use its financial infrastructure, connected to major South Korean financial institutions, to handle conversion into fiat currency, foreign exchange, and won-denominated settlement. This initiative is not a commercialization effort but a proof of concept to confirm technical feasibility, and the two companies plan to gradually expand the target countries and currencies based on the verification results.