Danal is expanding its stablecoin-based payment and settlement business after posting cumulative sales of 174.6 billion won through the third quarter this year. It is extending sales growth centered on its existing online and offline payment business. It has also completed the build-out of a bank-linked stablecoin payment platform and is preparing for related institutionalisation.

Danal said on Thursday it recorded consolidated sales of 174.6 billion won and operating profit of 3.1 billion won for the first nine months of this year, according to a regulatory filing.

Danal said its results were affected by an expansion of online and offline payment areas and rising transaction volumes in commerce and the culture and leisure sectors.

In new businesses, it is focusing on building stablecoin payment infrastructure. Danal said major domestic banks will handle stablecoin issuance and remittances, while Danal will be responsible for payments and merchant settlements. It said it has completed a proof of concept and platform build for the service.

It recently commercialised a service linked with a global company. It is also pushing to develop business models for cross-border payments with local companies in Mongolia, the United States and Singapore. Danal said it plans to expand related services once domestic stablecoin legislation is put in place.

It is also expanding new services linked to its existing payment business. KONDA, a prepaid card for foreigners launched this year, will add features such as top-ups at bank counters and linkage with simple payment services within the year, and it will also expand card issuance channels. Danal will also revamp its offline mobile phone payment service Baton within the year.

Affiliate Danal Entertainment is expanding its intellectual property business including performances, exhibitions and merchandise planning. PayProtocol has begun an open beta service for Paychain, its Paycoin (PCI)-based on-chain infrastructure, and is preparing to link it with stablecoin payment and settlement infrastructure.

A Danal official said, "Even amid continued uncertainty in global markets, we are firmly strengthening the fundamentals of our core payments business." The official added, "We will proactively build the safest and most innovative services within the institutional framework, and raise corporate value along with meaningful sales growth."