Paycoin

What Paycoin does

Paycoin is the consumer brand of Danal Fintech Co., Ltd. (주식회사 다날핀테크), a South Korea-based fintech and wholly-owned subsidiary of Danal, one of the country's largest payment companies. The company operates the IEUM Platform, an end-to-end stablecoin infrastructure connecting four participant roles — issuers, trustees, merchants, and partner services — through four modular products: IEUM Mint (issuance and burn management with three-party approval), IEUM Trust (reserve and collateral monitoring), IEUM Partners (merchant onboarding, KYC, settlement), and IEUM Wallet (API and white-label wallet with MPC-based key management). It issues KSC, a won-based stablecoin backed 1:1 by KRW reserves, and runs the Mobilet consumer app for global digital asset management. Scaled operations include 3.2 million users and 150,000 merchants worldwide, with KSC daily transaction volume of approximately KRW 312 million on a minted supply of KRW 1.24 billion.

Revenue is generated across four streams: transaction processing and settlement fees on stablecoin payments, API and white-label licensing to partner fintech services, mint/burn operations fees from institutional issuers using IEUM Mint, and cross-border transfer margins on the KRW→KSC→USDC→USD on-chain pipeline. Go-to-market is exclusively B2B — enterprise field sales targeting banks, card companies, and securities firms via direct contact, complemented by an API-first developer motion for fintech integrators and a network of channel partners spanning global blockchain networks (Circle, Ripple, Avalanche, Axelar), Korean exchanges (Bithumb, Coinone, Korbit, GOPAX), payment networks (BC Card, Mastercard), and Korean financial institutions (iM Bank, Busan Bank, Jeonbuk Bank). Pricing is opaque and negotiated directly with prospects; the only disclosed capital event is a 20 billion KRW investment from SDB Investment in January 2022.

Name

Paycoin

Legal name

주식회사 다날핀테크

Website

https://danalfintech.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Paycoin (Danal Fintech) operates the IEUM Platform, an end-to-end stablecoin infrastructure for issuing, managing, and settling won-pegged (KSC) and cross-border stablecoin payments for financial institutions, merchants, and fintech partners across South Korea and Europe.

Ownership category

akta.pro rank

Product category

Stablecoin Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Stablecoin Issuers (Fiat-Backed) (FSADADAA)

akta.pro secondary industries

Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD)

Keywords

• Stablecoin infrastructure
• Digital asset payments
• Cryptocurrency wallet API
• Cross-border remittance
• Payment processing platform

Headquarters

HQ city

Seongnam

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Transaction Processing Fees: Transaction processing and settlement fees from stablecoin payments through the IEUM platform. Real-time settlement reduces traditional payment cycle costs and provides immediate revenue recognition.
2. API/White-label Licensing: Revenue from wallet API licensing, white-label solutions, and platform access fees for partner services integrating IEUM functionality.
3. Mint/Burn Operations Fees: Fees associated with stablecoin minting and burning operations for institutional issuers using the IEUM Mint module.
4. Cross-border Transfer Fees: Fees from KRW to USDC to USD on-chain conversion pipeline for international remittance services with transparent exchange rate margins.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Paycoin operates the IEUM Platform, a modular end-to-end stablecoin infrastructure connecting issuers, trustees, merchants, and partner services through four integrated modules: IEUM Mint for stablecoin issuance and burn operations, IEUM Trust for reserve and collateral monitoring, IEUM Partners for merchant onboarding and settlement, and IEUM Wallet for API and white-label wallet integration. The platform supports KSC (Korean StableCoin), a KRW-pegged stablecoin with 1:1 reserve backing, and enables on-chain cross-border payments via a KRW → KSC → USDC → USD pipeline.

Product overview

Paycoin operates through the IEUM Platform, a modular stablecoin infrastructure consisting of four integrated products: IEUM Mint (issuance operations), IEUM Trust (reserve management), IEUM Partners (merchant settlement), and IEUM Wallet (white-label wallet API). The platform supports KSC (Korean StableCoin), a won-based stablecoin with 1:1 reserve backing, enabling issuance, wallet operations, payment processing, and cross-border settlements. IEUM also provides a separate Digital Asset Payment Service for blockchain-based physical payments and the Mobilet app for global digital asset management. The IEUM platform connects issuers, trustees, merchants, and partner services through a unified infrastructure with on-chain audit capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• IEUM Platform: End-to-end stablecoin infrastructure platform supporting issuance, wallet, payment, cross-border, and audit functions across issuers, trustees, merchants, and partner services.
• 이음민트 (Ieum Mint)
• 이음트러스트 (Ieum Trust)
• 이음파트너스 (Ieum Partners)
• 이음지갑 (Ieum Wallet)
• Mobilet

Products and services

• IEUM Platform
• IEUM Mint (이음민트)
• IEUM Trust (이음트러스트)
• IEUM Partners (이음파트너스)
• IEUM Wallet (이음지갑)
• KSC (Korean StableCoin)
• Digital Asset Payment Service
• Mobilet
• Domestic Stablecoin-Based Mastercard

Quantifiable outcome

• 3.2 million users and 150,000 merchants worldwide served
• +4 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability5 records

Feature9 records

Partnerships

24 partnerships are on record, tiered core and supporting.

• Sahara AIcoreStrategic or Co-development Partner · 10 February 2026Strategic MOU signed February 10, 2026 for stablecoin infrastructure, payments, and AI-powered financial services development. Combining Danal Fintech's payment infrastructure with Sahara AI's technology to integrate payment services into AI agents. Plans include consumer-facing integrations potentially bringing Sahara AI's crypto market intelligence copilot Sorin into Paycoin app. Sahara AI has secured approximately $43 million in investments from Samsung Next, Binance Labs, Pantera Capital, and Polychain Capital.
• CirclecoreTechnology or IntegrationGlobal stablecoin infrastructure partner for USDC integration. Enables KRW→KSC→USDC→USD cross-border payment pipeline and global stablecoin settlement capabilities.
• RipplecoreTechnology or IntegrationXRP Ledger-based payment infrastructure partnership established January 2024 for cross-border payment solutions and on-chain settlement using Ripple's blockchain network.
• AvalanchesupportingTechnology or IntegrationBlockchain infrastructure partner for cross-chain stablecoin settlements and payment processing on Avalanche network.
• AxelarsupportingTechnology or IntegrationCross-chain interoperability infrastructure partner for stablecoin transfers and multi-chain settlement capabilities.
• WalletConnectsupportingTechnology or IntegrationWallet connectivity protocol partner enabling secure wallet connections for IEUM platform integrations.
• Alchemy PaysupportingTechnology or IntegrationFiat-crypto payment gateway partner for fiat on/off ramps and payment processing integration.
• BithumbsupportingTechnology or IntegrationKorean cryptocurrency exchange partnership for digital asset payment services and KSC/KRW liquidity.
• CoinonesupportingTechnology or IntegrationKorean cryptocurrency exchange partnership for digital asset payment services and trading integration.
• KorbitsupportingTechnology or IntegrationKorean cryptocurrency exchange partnership for digital asset payment services.
• GOPAXsupportingTechnology or IntegrationKorean cryptocurrency exchange partnership for digital asset payment services.
• Binance PaysupportingTechnology or IntegrationGlobal exchange partnership for Binance Pay integration enabling digital asset payment acceptance.
• BitgetsupportingTechnology or IntegrationExchange partnership for payment services and cryptocurrency payment integration.
• HTXsupportingTechnology or IntegrationExchange partnership for digital asset payment services and trading integration.
• BC CardcoreTechnology or IntegrationKorean payment card network partnership for card-based stablecoin payment infrastructure and merchant acquiring.
• iM BanksupportingTechnology or IntegrationKorean digital bank partnership for banking integration and financial services infrastructure.
• Busan Bank (BNK)supportingTechnology or IntegrationKorean regional bank partnership for banking integration and regional financial services.
• Jeonbuk Bank (JB)supportingTechnology or IntegrationKorean regional bank partnership for banking integration and regional financial services.
• AhnLab (ABC)supportingTechnology or IntegrationKorean cybersecurity company partnership for security infrastructure and protection services.
• Hancom WithsupportingTechnology or IntegrationTechnology partnership for software integration and platform services.
• ITcensupportingTechnology or IntegrationTechnology services partnership for IT infrastructure and integration support.
• InnexsupportingTechnology or IntegrationTechnology partnership for platform integration and services.
• Suho.iosupportingTechnology or IntegrationNFT marketplace partnership for digital asset integration and NFT payment services.
• DaFin LabssupportingOthersEuropean subsidiary established December 2024 for market expansion into European markets.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Circle: Issuer of USDC, the dominant fiat-backed stablecoin, and operator of stablecoin issuance/payment infrastructure. Most direct comparable to Paycoin as it issues a regulated, 1:1-backed fiat stablecoin and offers APIs to institutions; Paycoin even integrates USDC into its cross-border pipeline, making Circle both partner and chief competitor.
• Paxos: Regulated stablecoin issuer (PYUSD, PAX) and white-label tokenization/issuance infrastructure provider. Mirrors Paycoin's institutional-grade issuance approach with three-party-style controls and is a like-for-like benchmark for issuer-side stablecoin infrastructure.
• Ripple: Issues RLUSD stablecoin and operates XRP Ledger-based cross-border payment rails. Closely comparable to Paycoin's Ripple-partnered KRW→KSC→USDC pipeline; both compete in the institutional corridor between fiat and on-chain settlement, and Ripple's RLUSD is a direct competing stablecoin.
• Alchemy Pay: Fiat-crypto on/off-ramp and payment gateway integrated with Paycoin's stack. Directly comparable on the merchant settlement / cross-border rail use case, and an existing technology partner that could also route around Paycoin in merchant acquiring.

Emerging players

• BVNK: Stablecoin payment platform enabling merchants and enterprises to accept and settle in stablecoins. Mirrors Paycoin's IEUM Partners / cross-border offering as a newer, payments-focused entrant rather than a full issuance stack.

Broad incumbents

• Tether: Issuer of USDT, the largest stablecoin by supply. Not a like-for-like in regulatory positioning, but the dominant benchmark on stablecoin issuance scale and liquidity—a key competitive ceiling for any fiat-backed issuer like KSC.
• Stripe: Global payments incumbent building stablecoin rails (acquired Bridge). Competes with Paycoin at the merchant/stablecoin settlement layer for global internet commerce, and represents a much more capital-intensive entrant into the same wedge.
• Coinbase: Operates USDC distribution, custody, and merchant payment services globally. Overlaps with Paycoin's issuance-adjacent, wallet, and merchant-settlement modules as a much larger, broader incumbent in the same ecosystem.

Others

• Fireblocks: Institutional digital-asset custody, wallet, and tokenization infrastructure provider. Comparable to IEUM Wallet's MPC-based wallet infrastructure; not a direct competitor for issuance/merchants but sets the bar for institutional wallet security.

Regional players

• Kakao Pay: Leading Korean mobile payment platform with deep consumer and merchant distribution. Adjacent rather than directly competing on stablecoins, but the dominant Korean payments incumbent whose merchant relationships Paycoin must integrate with or dislodge.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/payprotocol
• Facebookfacebook.com/PayProtocol

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paycoin