According to a report by Digital Asset, LG CNS, the IT services subsidiary of South Korea's LG Group, plans to launch a new blockchain service in September. The service will be aimed at the stablecoin ecosystem, with core features that include digital wallets, transaction processing, fee payment on behalf of users, and on-chain data management. Lee Jung-hwa, the head of LG CNS's blockchain division, said that wallets are the most important infrastructure in the stablecoin ecosystem. He also said that whoever controls wallets and the channels for moving fiat currency in and out will hold a key position. LG CNS has been building relevant technology for a while. The company previously participated in the Bank of Korea's Project Hangang, through which it accumulated experience with central bank digital currencies and deposit tokens. Building on that experience, the firm also tested and validated multiple on-chain settlement models in a series of experiments.
South Korea's LG CNS, the IT services arm of LG Group, is set to launch a new blockchain service in September, according to Digital Asset. The service is built for the stablecoin ecosystem and will incorporate digital wallets, transaction processing, fee sponsorship, and on-chain data management as its core functions.
Lee Jung-hwa, head of the blockchain division at LG CNS, said wallets are the most critical infrastructure in the stablecoin ecosystem. "Whoever controls the wallet and the fiat on- and off-ramps will hold a key position," he said. He also noted that the company previously participated in the Bank of Korea's Project Hangang, which gave it hands-on experience with CBDC and deposit token technology. Through that project, LG CNS tested various on-chain settlement models.
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