Sui and t’order Revolutionize KRW Stablecoin Payments in Korea

Sui, a prominent blockchain platform, has announced a strategic partnership with t’order, a leading table ordering service, to roll out innovative stablecoin payment solutions across South Korea. This collaboration aims to transform the digital payment landscape by integrating advanced technologies like QR codes and facial recognition, according to the Sui Foundation.

Expanding Stablecoin Adoption in Everyday Commerce

The partnership is set to provide Sui with direct access to one of Korea’s largest payment platforms. By integrating with Sui and Walrus, t’order seeks to enhance transaction security and reliability, paving the way for a native Korean Won (KRW) stablecoin. This stablecoin will enable ultra-fast and secure transaction processing, backed by Walrus’s cost-efficient and robust solution for managing large-scale transaction and loyalty data on-chain.

Christian Thompson, Managing Director of the Sui Foundation, emphasized the significance of this development, stating, “The mass adoption arc for stablecoins and crypto payments is rapidly accelerating, and it’s thrilling to see Sui at the forefront of this trend with innovative partners like t’order.” The initiative targets the Korean food service market, valued at over 190 trillion KRW, enhancing consumer experiences nationwide.

Empowering Small Businesses Through Innovation

t’order’s zero-fee payment gateway model has long supported small business owners by reducing operational costs. This partnership expands that mission by incorporating stablecoins into t’order’s real-time communication network, fostering a sustainable commerce ecosystem focused on small businesses.

Currently, t’order processes approximately $350 million in monthly transactions, totaling over $4.3 billion annually. The new stablecoin system is expected to significantly cut traditional card and payment gateway fees, replacing them with minimal transaction costs of about KRW 13 per payment, potentially saving small businesses nearly KRW 150 billion annually.

t’order’s nationwide infrastructure, capable of managing around 300,000 point-of-sale devices, positions it uniquely in Korea’s retail market to rapidly deploy stablecoin payment systems, rewards, and settlements, powered by its collaboration with Sui.

A Foundation for the Future of Payments

With over KRW 10 trillion in cumulative transaction volume, t’order is set to drive significant adoption of Sui-native stablecoin payments across its retail network. A spokesperson for t’order highlighted the strategic vision, stating, “Our partnership with Sui is the next step in that vision, leveraging our unique nationwide deployment capabilities and real-time infrastructure to create a new payment and settlement paradigm – one designed for and centered around small businesses.”

This groundbreaking initiative not only aims to enhance the efficiency of payment systems in Korea but also to establish a sustainable model that supports the growth and development of small businesses in the digital economy.

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