Blockchain technology company Lambda256 said on Feb. 4 it signed a strategic memorandum of understanding with integrated payment services company KSNET to cooperate on building payment infrastructure using stablecoins and on Web3 business initiatives.

The partnership focuses on verifying the feasibility of a stablecoin-based payment model by combining KSNET's online and offline payment network with Lambda256's blockchain technology.

Under the agreement, Lambda256 will take charge of designing on-chain payment processes and operating blockchain node infrastructure centered on its stablecoin issuance and management platform, SCOPE. Based on its experience operating nodes accumulated in exchange and financial settings, it plans to design a stablecoin payment structure that considers stability and scalability and to support technical verification at the proof-of-concept stage.

Lambda256 CEO Eui-jeong Jeong (정의정) said the cooperation with KSNET was an important case for verifying the possibility of combining blockchain technology with large-scale physical payment infrastructure. He said Lambda256 would continue technical support so stablecoin-based payments and Web3 business initiatives can expand in a stable manner, based on its infrastructure operations capabilities proven in financial and enterprise environments.