Hecto WalletOne, a blockchain wallet infrastructure company under IT-based information services company Hecto Innovation, said on Sunday it signed a four-party memorandum of understanding with global Web3 marketplace Overtake, South Korean game item trading platform ItemBay and layer-1 blockchain Sui to pursue a proof of concept for stablecoin payment technology.

The four companies plan to preemptively check operating processes required in real service environments, regulatory response systems, user protection measures and settlement flows, ahead of future institutionalisation of stablecoin payments and settlements. They also aim to closely identify possible trial and error in adopting digital-asset-based payment infrastructure and to gradually lay a working-level foundation for stable commercialisation.

Hecto WalletOne will supply the O-HI wallet to ItemBay to build infrastructure. O-HI wallet is a corporate in-app wallet implemented as a web view within clients' existing apps and services, and Hecto WalletOne, which holds a virtual asset service provider licence, performs management and oversight in line with regulations, enabling service implementation with minimal resources.

ItemBay will use O-HI wallet, based on large-scale transaction traffic and operational know-how, to support the use of the U.S. dollar-based stablecoin USDC for item trading between platform users. ItemBay users can reduce risks from exchange-rate fluctuations by using stablecoins that minimise price volatility and can trade with lower payment fees than existing payment methods.

Overtake will support global expansion through attracting overseas users and platform integration, and Sui will provide mainnet infrastructure to support stablecoin payments such as USDC.

A Hecto WalletOne official said, "Under thorough regulatory compliance that meets VASP standards, we will combine the capabilities each company holds to build B2B digital asset wallet and payment infrastructure."

An ItemBay official said, "Through this four-party collaboration, we will work to create a new payment environment that both domestic and overseas users can use more safely and conveniently." The official added, "We will focus on building payment infrastructure that can be practically used in the game asset trading market."

Hecto Innovation acquired Hecto WalletOne in September last year, internalising blockchain wallet infrastructure technology and a VASP licence. Hecto Innovation is currently building a stablecoin ecosystem centred on Hecto WalletOne's blockchain infrastructure, in which a "wallet-payment-platform" is organically connected.