Korea Blockchain Week Unveils Project Unify
During Korea Blockchain Week held in Seoul, a new player in the blockchain landscape, Kaia, unveiled plans for an innovative stablecoin-enabled super-app that will integrate directly into LINE Messenger, the popular messaging service boasting nearly 200 million active users in regions such as Japan, Taiwan, and Thailand. This initiative, titled Project Unify, aims to be launched in beta later this year and promises a comprehensive suite of features, including:
- Payment services
- Remittances
- Stablecoin yield offerings
- Seamless conversion between local currencies and digital tokens
- Access to over 100 decentralized applications
Unique Features of Project Unify
Dr. Sangmin Seo, the chairman of the Kaia DLT Foundation, emphasized the uniqueness of Project Unify, highlighting its intent to create a “universally compliant” system for stablecoin issuance and on-chain liquidity management. He pointed out that the current stablecoin infrastructure often neglects crucial aspects, and the goal of their super-app is to cater to a diverse user base by integrating both a universal stablecoin and functionalities typical of Web3 applications.
Addressing Fragmented Payment Systems
Within Asia, the payment systems are notoriously fragmented, with various national networks operating independently. This isolation often leads to delays in cross-border transactions, high fees, and inefficiencies that the super-app aims to address. While the stablecoin initiative progresses, South Korea is also moving towards a clearer regulatory framework for stablecoins. A bill anticipated this October is expected to outline rules surrounding the issuance and management of reserves for won-pegged stablecoins, which have now added urgency to the deployment of Project Unify.
Simplifying the DeFi Landscape
The super-app promises to simplify the decentralized finance (DeFi) landscape, enabling users to manage their assets effortlessly through straightforward actions like sending money via text and engaging in activities such as:
- Staking for interest
- Accessing lending and borrowing services
Additionally, Kaia’s infrastructure is designed to act as a centralized platform accommodating numerous regional currencies, aimed at consolidating the currently disjointed market.
Support for Multiple Stablecoins
In line with this ambition, the app is expected to support a variety of stablecoins linked to currencies including:
- Japanese yen
- Korean won
- Thai baht
- Indonesian rupiah
- Philippine peso
- Malaysian ringgit
- Singapore dollar
- U.S. dollar
Earlier this August, Kakao, a major player within Kaia’s governance council, made strides towards a Korean won stablecoin by filing several related trademarks: KRWGlobal, KRWGL, KRWKaia, and KaKRW. However, the implementation of this stablecoin has faced delays due to ongoing regulatory discussions concerning licensing, reserve standards, interest payments on deposits, and the potential involvement of banks in this new financial landscape.
