Paycoin
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.
- Company typePrivate
- Founded2019
- HeadquartersSeongnam, South Korea
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
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.
Paycoin firmographics
Firmographics- Name
- Paycoin
- Legal name
- 주식회사 다날핀테크
- Website
- https://danalfintech.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 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
Paycoin industry classification
Industry- 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
Where Paycoin is headquartered
LocationHeadquarters
- HQ city
- Seongnam
- HQ country
- South Korea
- HQ region
- Asia
Offices1 record
Markets served
Paycoin business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain
Revenue model
- 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.
- API/White-label Licensing: Revenue from wallet API licensing, white-label solutions, and platform access fees for partner services integrating IEUM functionality.
- Mint/Burn Operations Fees: Fees associated with stablecoin minting and burning operations for institutional issuers using the IEUM Mint module.
- 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
Paycoin product offering
Product offeringCore 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
Companies that use Paycoin
Customer profileNamed customers2 records
Segments5 records
Ideal customer profiles5 records
Paycoin technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
AI capability5 records
Feature9 records
Paycoin partnerships and signals
Strategic signalPartnerships
24 partnerships are on record, tiered core and supporting.
- Sahara AIcoreStrategic 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.
- CirclecoreGlobal stablecoin infrastructure partner for USDC integration. Enables KRW→KSC→USDC→USD cross-border payment pipeline and global stablecoin settlement capabilities.
- RipplecoreXRP Ledger-based payment infrastructure partnership established January 2024 for cross-border payment solutions and on-chain settlement using Ripple's blockchain network.
- AvalanchesupportingBlockchain infrastructure partner for cross-chain stablecoin settlements and payment processing on Avalanche network.
- AxelarsupportingCross-chain interoperability infrastructure partner for stablecoin transfers and multi-chain settlement capabilities.
- WalletConnectsupportingWallet connectivity protocol partner enabling secure wallet connections for IEUM platform integrations.
- Alchemy PaysupportingFiat-crypto payment gateway partner for fiat on/off ramps and payment processing integration.
- BithumbsupportingKorean cryptocurrency exchange partnership for digital asset payment services and KSC/KRW liquidity.
- CoinonesupportingKorean cryptocurrency exchange partnership for digital asset payment services and trading integration.
- KorbitsupportingKorean cryptocurrency exchange partnership for digital asset payment services.
- GOPAXsupportingKorean cryptocurrency exchange partnership for digital asset payment services.
- Binance PaysupportingGlobal exchange partnership for Binance Pay integration enabling digital asset payment acceptance.
- BitgetsupportingExchange partnership for payment services and cryptocurrency payment integration.
- HTXsupportingExchange partnership for digital asset payment services and trading integration.
- BC CardcoreKorean payment card network partnership for card-based stablecoin payment infrastructure and merchant acquiring.
- iM BanksupportingKorean digital bank partnership for banking integration and financial services infrastructure.
- Busan Bank (BNK)supportingKorean regional bank partnership for banking integration and regional financial services.
- Jeonbuk Bank (JB)supportingKorean regional bank partnership for banking integration and regional financial services.
- AhnLab (ABC)supportingKorean cybersecurity company partnership for security infrastructure and protection services.
- Hancom WithsupportingTechnology partnership for software integration and platform services.
- ITcensupportingTechnology services partnership for IT infrastructure and integration support.
- InnexsupportingTechnology partnership for platform integration and services.
- Suho.iosupportingNFT marketplace partnership for digital asset integration and NFT payment services.
- DaFin LabssupportingEuropean subsidiary established December 2024 for market expansion into European markets.
Scale indicators6 records
Recent moves8 records
Expansion highlights5 records
Paycoin competitors and assessment
Company assessmentDirect 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
Paycoin social profiles
Digital presencePaycoin financial estimates
Financial estimateRevenue estimate
Valuation estimate
Paycoin leadership team
Management profileNumber of profiles
Paycoin subsidiaries and ownership
Company hierarchySubsidiaries1 record
Paycoin funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Paycoin M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Paycoin
What does Paycoin do?
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.
Is Paycoin a public or private company?
Paycoin is a private company. It is classified as corporate owned and is currently operating.
When was Paycoin founded?
Paycoin was founded in 2019. It employs 11 to 50 people.
Where is Paycoin based?
Paycoin is headquartered in Seongnam, South Korea, in the Asia region.
How does Paycoin make money?
Four revenue lines are on record. Transaction Processing Fees are the primary driver. The others are API/White-label Licensing, mint/Burn Operations Fees and cross-border Transfer Fees.
Who are Paycoin's main competitors?
Direct peers on record are Circle, Paxos, Ripple and Alchemy Pay. BVNK is listed as an emerging player. Broad incumbents are Tether, Stripe and Coinbase. Fireblocks is listed as an others. Kakao Pay is listed as a regional player.
Does Paycoin have an API?
Yes. IEUM platform offers Orchestration API for stablecoin transfers (POST /v1/transfer), Wallet API for wallet creation, querying, and transfers, Webhook-based event notifications, and ERP/Accounting integration API. Supports KRW to KSC stablecoin transfers with role-based access for issuers, trustees, merchants, and partner services.
What industry is Paycoin in?
Paycoin's product category is Stablecoin Infrastructure. Its primary akta.pro industry code is FSADADAA, Stablecoin Issuers (Fiat-Backed), with a secondary code of FSADADAF, Stablecoin Payment Rails & Settlement Networks (Issuer-Led). Its NAICS code is 522320 and its SIC code is 6200.