Galaxy Money Tree Conducts Stablecoin Remittance Pilot with Kwangju Bank

Galaxy Money Tree is set to test Korea-Japan trade remittances using stablecoins (virtual currencies pegged to the value of real money such as the U.S. dollar) in partnership with Kwangju Bank. Galaxy Money Tree signed a memorandum of understanding (MOU) with Kwangju Bank on digital asset cooperation at its headquarters in Gangnam-gu, Seoul, on the 14th, with CEO Shin Dong-hoon and Kwangju Bank Deputy President Byun Mi-kyung in attendance.

Through the agreement, the two companies will examine the feasibility of digital asset-based financial services and pursue a proof of concept (PoC) for trade remittances. The first target is trade remittances between Korea and Japan. They will review the entire process, from remittance to settlement, and verify step by step whether the relevant systems can be utilized in an actual financial operations environment.

The pilot focuses on confirming technical stability and the suitability of operational procedures ahead of the institutionalization of digital assets. Based on the results obtained during the pilot, the two companies plan to flesh out their cooperation plans in line with relevant regulations and market conditions.