While partnership news continues to come in the cryptocurrency market, the latest news came for the altcoin Avalanche (AVAX), which is closely followed by Turks. Accordingly, South Korean fintech foreign exchange platform Travel Wallet signed a cooperation agreement with Avalanche. Travel Wallet has signed a memorandum of understanding (MOU) with layer-1 blockchain platform Avalanche to develop a Korean won-based stablecoin, local news agency Naver reported. As part of the partnership, Travel Wallet plans to issue a stablecoin pegged 1:1 to the Korean won and use smart contracts to design a programmable stablecoin. As part of the collaboration, Travel Wallet and Avalanche plan to build a stablecoin-based next-generation financial payment infrastructure that can be applied in all areas for both consumers and businesses. This infrastructure can be used in areas such as integrated online and offline payments, B2B settlements for corporate customers, and financial automation solutions at home and abroad. Travel Wallet CEO Kim Hyung-woo said: “This project is an attempt to reimagine the way finance works with technology, beyond digital payments. It has great potential to expand into a global payments infrastructure and domestically in the future. “Based on technological reliability and regulatory compliance, we will build a stable stablecoin ecosystem that can be used both domestically and internationally.” As is known, the new president of South Korea, Lee Jae-myung, promised during his election campaign that the issuance, stock exchange listing and trading of spot ETFs based on crypto assets such as Bitcoin would be allowed. At this point, South Korean authorities will work to fulfill newly elected President Lee Jae-myung’s cryptocurrency promises. The Financial Services Commission (FSC) aims to prepare a plan for spot ETF promotion in the second half of the year and complete the regulatory system related to stablecoins in the same period. *This is not investment advice.