KEY TAKEAWAYS
- t’order partners with Sui to develop a stablecoin infrastructure, enhancing digital asset integration in Korea’s commerce.
- The collaboration aims to reduce transaction costs for small businesses, potentially saving them nearly $100 million USD annually.
- Sui’s technology will enable ultra-fast, secure transactions, leveraging t’order’s extensive retail network.
- This partnership marks a significant step towards mass adoption of stablecoins in Korea’s food service market.
t’order, a prominent table ordering platform, has announced a significant partnership with Sui to develop and deploy an innovative stablecoin infrastructure for commercial use. This collaboration aims to leverage t’order’s extensive network and integrate advanced QR code and facial recognition technology, known as ‘Face Pay,’ to expand the reach of digital assets into everyday commerce across Korea.
This partnership provides Sui with direct exposure to one of Korea’s largest everyday payment platforms. For t’order, integrating with Sui and Walrus enhances the security and reliability of transaction and loyalty data, strengthening current infrastructure while paving the way for future innovations. The introduction of a native KRW stablecoin on Sui is expected to ensure ultra-fast and secure transaction processing. Walrus will offer a cost-efficient and resilient solution for processing vast amounts of transaction and loyalty data on-chain, ensuring data integrity and access.
Christian Thompson, Managing Director of Sui Foundation, commented on the partnership, stating that the mass adoption of stablecoins and crypto payments is accelerating rapidly. He noted that this deployment targets a Korean food service market opportunity exceeding 190 trillion KRW, potentially improving the consumer experience for millions in Korea.
Since its inception, t’order has advocated for a zero-fee payment gateway model to reduce operating costs for small business owners. This new partnership marks a significant expansion of that mission by integrating stablecoins with t’order’s real-time communication network, creating a sustainable commerce ecosystem focused on small businesses.
t’order processes approximately $350 million in monthly transactions, totaling over $4.3 billion annually. The partnership is expected to replace traditional card and payment gateway fees, which average 2.5%, with ultra-low transaction processing costs of approximately KRW 13 per payment, less than a cent in USD. This shift could save small businesses an estimated KRW 150 billion, or nearly $100 million USD, annually.
Operating a nationwide real-time infrastructure capable of managing approximately 300,000 point-of-sale devices, t’order is uniquely positioned in Korea’s retail market. This capability allows for instant connectivity and control across all connected devices and servers, enabling the rapid, nationwide rollout of stablecoin payments, rewards, and settlement systems through its partnership with Sui.
With over KRW 10 trillion (over $7.1 billion) in cumulative transaction volume, t’order is set to drive a high volume of Sui-native stablecoin payments across its extensive retail network. A t’order spokesperson emphasized the company’s commitment to serving small business owners through zero payment gateway fees, stating that the partnership with Sui represents the next step in their vision.
For more details, the announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
t’order’s partnership with Sui to launch a stablecoin infrastructure in Korea represents a strategic move to integrate digital assets into everyday commerce, leveraging advanced technologies like QR codes and facial recognition.
Recent industry reports indicate that South Korea is becoming a global hub for stablecoin adoption, driven by regulatory frameworks and institutional collaboration. This aligns with t’order’s initiative to introduce a KRW stablecoin, which could enhance transaction efficiency and security in Korea’s food service market.
According to a recent analysis, South Korea’s stablecoin infrastructure is considered a significant strategic advancement. This supports the potential impact of t’order’s partnership with Sui in reshaping digital payments and enhancing financial inclusion for small businesses in Korea.
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