Open Asset is a South Korean financial technology company based in Seoul that specializes in Web3 technologies. The company's primary goal is to become a major issuer of a stablecoin pegged to the Korean Won, named KRWO. It focuses on integrating blockchain technology with the established, regulated financial system to develop a compliant and secure digital currency infrastructure. The company aims to provide services for payments, remittances, and digital asset management to both domestic users in Korea and a global audience. ^{[1] [2]}

Overview

Open Asset was established by a team of experts with backgrounds in developing some of South Korea's most prominent blockchain and digital finance projects. Their stated mission is to create a digital currency system that is secure, practical, and compliant with financial regulations. The company's strategy is centered on its registration as an Electronic Financial Business operator, which allows it to operate within South Korea's legal framework for financial services.

The company's core product, the KRWO stablecoin, is designed to be the foundation of a new digital payment ecosystem. By bridging blockchain capabilities with traditional finance, Open Asset seeks to set a new standard for how digital currencies are used for everyday transactions and international remittances. ^{[1] [2]}

History

The origins of Open Asset's leadership team are tied to significant national projects in South Korea's digital finance sector. Between 2021 and 2022, key personnel who would later establish the company held leadership positions, including General Project Manager, for the Bank of Korea's Central Bank Digital Currency (CBDC) project. This experience provided foundational knowledge in the technical and regulatory aspects of creating a state-backed digital currency. ^[1]​

In 2023, the company conducted its first Proof-of-Concept (PoC) for the issuance of a Korean Won stablecoin. This initiative was carried out in collaboration with two major, though unnamed, commercial banks in Korea, demonstrating the technical feasibility of their model. During the same year, Open Asset also engaged in a token securities project with Korea Investment & Securities, indicating its early involvement in the broader field of digital assets. ^[1]​

A critical year for the company was 2024, when it achieved several key milestones. In 2024, Open Asset successfully registered as an Electronic Financial Business operator in South Korea, securing the necessary license to legally pursue its business objectives. Following this, the company completed a second PoC, this time focusing on the top-up and payment functionalities of its Korean Won stablecoin. This second test was conducted in partnership with a digital wallet company and a commercial bank, further validating its practical application for consumer payments. ^[1]​

Technology and Infrastructure

KRWO Stablecoin

The company's primary product is KRWO, a stablecoin designed to be pegged 1:1 with the Korean Won (KRW). This digital asset is intended to function as a stable medium of exchange for a variety of use cases, including digital payments and cross-border remittances. The stablecoin serves as the foundational component of the digital payment system Open Asset aims to establish. ^[1]​

Global Connectivity

To ensure its stablecoin can be utilized by international users, Open Asset is collaborating with Kaia Labs. This partnership focuses on "stablecoin orchestration," a technical framework designed to connect KRWO with global digital currency ecosystems and facilitate its use outside of South Korea. ^[1]​

Partnerships and Ecosystem

Korean Stablecoin Alliance (K-STAR)

Open Asset is a founding member of the Korean Stablecoin Alliance (K-STAR). The alliance's objective is to create a comprehensive infrastructure for stablecoin issuance and management in Korea. As a member, Open Asset contributes its proprietary stablecoin issuance technology to the alliance's one-stop infrastructure project. ^[1]​

Technology and Compliance Partners

• Lambda256 Co., Ltd.: Open Asset has partnered with Lambda256, a blockchain technology subsidiary of the Korean crypto exchange operator Dunamu (Upbit), for blockchain infrastructure and compliance solutions. ^[1]

Digital Wallet and Payment Network

• AhnLab Blockchain Company: The company is partnered with AhnLab's blockchain subsidiary, a digital wallet provider, to integrate Open Asset's stablecoin into its wallet services. ^[1]
• ZeroPay: Open Asset signed an agreement with the Korea Easy Payment Foundation, the operator of the ZeroPay payment network. This partnership aims to enable the acceptance of Open Asset's stablecoin for payments across ZeroPay's network, which includes approximately 2 million merchants throughout South Korea. ^[1]
• 더즌 (dozn): To further expand its payment capabilities, Open Asset partnered with dozn, a major payment network operator (Value Added Network provider) in Korea. ^[1]