[Digital Today reporter Ji-young Lee] Business data platform company Coocon has completed verification of stablecoin-based payment technology with iM Bank and Vitoz.

Coocon said on Tuesday it successfully completed a jointly 추진한 technology verification for building a "stablecoin issuance and payment ecosystem" with iM Bank and Vitoz.

In the verification, Coocon took the role of linking iM Bank’s financial infrastructure with Vitoz’s blockchain and CPG technology, based on its payment data API and infrastructure connection technology.

It integrated the entire process from a user’s payment request to merchant information lookup, blockchain-based payment processing and result notification.

It also implemented recording of blockchain-based payment history and an immediate merchant settlement process. The company said it can expect effects including lower payment fees, improved cash turnover speed and promoting local circulation of funds.

Based on the PoC results, Coocon plans to continue reviewing the commercial viability of stablecoin-based payment and settlement services and expand their use across digital financial services.

Coocon CEO Jong-hyun Kim (김종현) said, "Through this PoC, we confirmed the possibility that existing financial infrastructure and a blockchain payment system can be connected in a single payment flow."