The South Korean cryptocurrency exchange UPBIT is working with the Naver Pay payments company to promote a WON (KRW) Stablecoin initiative, KBS reported, citing an unidentified Dunamu official, the UPBIT parent company.
The two companies are looking for a Stablecoin -based payment business, said the official, although the details are still scarce. A stablecoin is a cryptographic token whose value is fixed to an asset of real life such as the dollar or gold.
“We will specify the scope and cooperation methods as soon as the relevant system is established,” the official told KBS.
The cryptographic president of Korea, chosen at the beginning of June, said he supports a “Stablecoin market based on profits”, a position that at the beginning of this week stimulated the Bank of Korea to stop the plans to implement a digital currency of the Central Bank of the Central Bank (CBDC).
It is likely that a KRW Stablecoin is an important event for local cryptography merchants, who have dealt with restrictions around Krw’s move inside and outside the country. That has led to great propagation and arbitration opportunities, the exchange that pocketed the founder of FTX Sam Bankman cold his first remarkable wealth.
The propagation between the exchanges of South Korea and the United States has often labeled as the “Kimchi cousin.” The deployment of a KRW Stablecoin, whenever it is commercialized in the chain, would mean that merchants can simply change that stablecoin for USDT or USDC, without going through fiduciary restrictions in the region and essentially ironing any significant diffusion in the price.
