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Sui Partners with t’order to Launch Stablecoin Payments Across South Korea

Highlights:

  • Sui and t’order have partnered to enable fast and low-cost stablecoin payments across South Korea.
  • The blockchain integration could reduce transaction fees for small businesses by up to 150 billion KRW annually.
  • The collaboration integrates blockchain and FacePay technology to process transactions in under 0.5 seconds.

Sui Network has announced a partnership with the POS platform t’order today. The deal will add QR code and facial recognition to payment systems. The collaboration aims to make stablecoin payments faster and more affordable for consumers. t’order is South Korea’s largest point-of-sale platform, and it processes more than $4.3 billion in transactions every year. The company focuses on zero-fee payments for small businesses and seeks to replace high card fees with digital settlements.

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Christian Thompson, Managing Director of Sui Foundation, said the system will focus on South Korea’s food service market, valued at roughly 190 trillion KRW. He added that it will improve the consumer experience for millions nationwide. The platform will operate using a won-pegged stablecoin on the Sui blockchain. All transaction and loyalty data will be recorded on Walrus, a decentralized storage protocol built on Sui.

When launched, the system will provide payments and settlement services. Customers will be able to make purchases within seconds, and businesses can reduce their operational expenses.

Sui and t’order Partner to Enhance Speed and Cost Efficiency

Sui blockchain technology will integrate into t’order’s nationwide infrastructure, enabling real-time payments. Transactions will complete in less than 0.5 seconds, compared with traditional card approvals that take 2–3 seconds. The system can handle hundreds of millions of transactions simultaneously and has processed more than 7.5 billion transactions to date.

t’order CEO Austin Kwon explained, “The existing card and payment gateway structure has limitations due to high fees, so we partnered with Sui to resolve this issue through technology.” The collaboration could reduce transaction fees from 0.8–2.5% to approximately 13 KRW per payment. Annual savings for businesses could reach 58 to 150 billion KRW. The use of FacePay technology will enable instant payments and make consumers more comfortable.

The decentralized nature of the blockchain enhances security. Every transaction is recorded in real time, minimizing disputes and fraud. It gives consumers visibility and business owners transparency as to the credibility of transactions. Rebecca Simmons, the chairman of the Wallace Foundation, remarked that the decentralized system eliminates the corruption of data and third-party interference, increasing the general reliability.

South Korea Moves Toward Stablecoin Legislation

Stablecoins have become increasingly significant as South Korea attempts to lessen reliance on dollar-pegged tokens such as USDT and USDC. Domestic companies have also started issuing won-pegged stablecoins, including KRW1 on the Avalanche blockchain. The collaboration between Sui and t’order coincides with the countrywide effort to ensure safe, effective, and transparent digital payment systems.

South Korea’s Democratic Party unveiled a dedicated task force on September 24 to develop new cryptocurrency and blockchain policies. The leaders emphasized their commitment to fast-tracking pro-business legislation at the National Assembly. Lawmakers said they plan to introduce stablecoin bills and token issuance guidelines before the end of the year.

Restaurants are replacing the paper-pushing system with digital ordering systems more frequently, and tablets will facilitate interaction with orders and payments with no employees. t’order’s blockchain integration will reinforce these functions within the 300,000-point-of-sale network. The system is fast, reliable, and available nationwide, which opens the possibility of mass implementation of stablecoin payments.

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