Axelar has successfully completed a proof-of-concept in collaboration with XRP Ledger Korea and Hana Financial TI to explore the issuance, distribution, and settlement of a stablecoin based on the South Korean won. According to NS3.AI, this initiative aims to prepare for the potential regulatory formalization of stablecoins and evaluate the feasibility of a digital asset denominated in the South Korean won within a real-world financial institution setting.