[DigitalToday reporter Ji-young Lee] Danal's blockchain affiliate Danal Fintech and BNK Busan Bank have completed a second technical verification of a won stablecoin platform. The companies said they verified the processing speed and stability needed for commercial service, following an earlier check of whether it can function as a payment method.

Danal Fintech said on Sunday it completed the second technical verification of the won stablecoin platform with BNK Busan Bank.

The verification was conducted based on Danal Fintech's software-as-a-service stablecoin platform, called Ieum.

Danal Fintech built and provided a dedicated test application and an administrator dashboard for BNK Busan Bank. BNK Busan Bank designed an implementation model for the stablecoin that reflects the current local currency structure.

The partners used the setup to verify key functions including top-ups, payments, refunds, remittances and settlement.

In the second technical verification, they built a dedicated subnet instead of using the public Avalanche network, configuring the transaction processing environment independently. The move was intended to reduce the impact of external networks and the possibility of exposing transaction information.

As a result, payment response time was shortened to about 0.3 seconds from a previous average in the 2-second range. Transactions were processed without failures in stress tests involving dozens of simultaneous transactions, and the fee burden also fell, Danal Fintech said.

Danal Fintech plans to push ahead with a third technical verification that includes a reserve account and links with offline merchants. It said it will broaden the scope of verification so it can respond to commercialisation after related laws and systems are put in place.

A Danal Fintech official said, "In the first PoC, we confirmed the technical feasibility of won stablecoin payments, and in the second PoC, we verified the processing speed and stability needed for commercial service," adding, "We will continue verification through a third PoC so it can be commercialised immediately after related laws and systems are put in place."