Aton has completed a proof of concept (PoC) with Suhyup Bank on utilizing a won-denominated stablecoin for savings accounts and collateralized loans. The company expanded the scope of its stablecoin pilot in the banking sector, which had previously focused on payments and remittances, to include Yeosu services.
Aton announced on the 21st that it has completed the "Sh Stablecoin Yeosu Product PoC." For verification purposes, the company issued the "Sh Stablecoin," which is linked one-on-one with the won, and applied it to actual banking procedures.
In the deposit area, the process of users enrolling in savings accounts using their held stablecoins, making additional deposits, or terminating them early was implemented. The lending process was also verified. From collateral valuation to loan execution, partial or full repayment, and the return and settlement of collateral were connected as a single process.
The issuance, circulation, and repayment processes of the stablecoin were also included. The structure allows users to deposit won into a linked account, convert it to stablecoins, conduct remittances and QR payments, process refunds, and then withdraw back to won. Transaction records are logged on a public blockchain for verification.
In the overseas remittance process, a method was applied where Sh Stablecoins are converted into dollar-denominated stablecoins and transferred to an overseas wallet. The system is designed to require customer identification (KYC) and anti-money laundering (AML) reviews before remittance.
A system for managing issuance volume has also been established. It cross-checks the total issuance, user holdings, and amounts moved to external wallets against on-chain records. Through the administrator interface, it is possible to track issuance and burning history as well as amounts moved to unregistered wallets.
Aton is also preparing a business that connects stablecoins with security token offerings (STO). The company plans to support financial institutions and corporations in issuing and operating digital assets based on its proprietary digital asset platform, "VANTAGE."
Previously, Aton participated in the Bank of Korea's CBDC pilot project, "Project Han River," Phases 1 and 2, taking charge of developing a deposit token-based system. It also participated in PoCs for card company P2P payments and a fusion model of won-denominated stablecoins and security tokens.
Woo Gil-soo, CEO of Aton, said, "Through this verification, we confirmed that stablecoins can be applied to bank deposit and lending services beyond being merely a payment method." He added, "In preparation for the time when security tokens and stablecoins meet on a single infrastructure, we will provide the technology and infrastructure to connect these two areas."
in TECH
