Town Hall

South Korea's stablecoin market is witnessing a turnaround: multiple parties are competing to seize the initiative. Recently, the South Korean stablecoin market has shown a thriving development trend. Under the government's policy direction supporting local currency-pegged stablecoins, bank alliances, tech giants, and Web3 companies are all making moves to gain an edge in the increasingly fierce regional and even global stablecoin competition. The "Digital Asset Basic Law" currently under review by Congress will provide a legal basis for private institutions to issue Korean won stablecoins, and financial regulatory authorities are also accelerating the establishment of operational regulations in line with international standards. This means that the second half of 2025 to the first half of 2026 is likely to become a window period for explosive growth in the Korean stablecoin market. The banking alliance is actively laying out its plans. Although the Bank of Korea takes a cautious attitude towards stablecoins, it recognizes their innovative and promotional role in the fintech sector. Deputy Governor Ryu Sang-dae stated that the stablecoin denominated in Korean won should first be issued by commercial banks that are subject to strict regulation.

Weekly Market Highlights Review【6.9 - 6.13】: After a general rise in the crypto market, a black swan event occurred, with narratives around stablecoins and Sol ETF heating up. This week, the crypto market experienced a rollercoaster ride with a rise followed by a fall. At the beginning of the week, Bitcoin and Ethereum led the market to a general rise, and DeFi tokens were briefly boosted by favorable regulatory news. However, on Friday, the sudden escalation of tensions in the Middle East triggered panic in the market, causing most altcoins to drop by about 10%. In addition, a certain company submitted financing documents to the SEC, which was misinterpreted as a large-scale sell-off, resulting in a 70% plunge in its stock price, which in turn dragged down the price of Ethereum. This week, the focus is on the following hot topics: 1. The narrative of stablecoins continues to rise. The U.S. Senate passed a procedural vote on the "GENIUS Stablecoin Act," which may complete the legislative process as early as next Monday. This will become the first comprehensive federal legislation in the U.S. targeting encryption assets. As the bill is about to pass, other countries...

With the new government in South Korea taking office, competition in the cryptocurrency and Korean won stablecoin market has intensified, as banks, tech giants, payment service providers, and blockchain startups are all making moves. With the improvement of laws and regulations, a market explosion is expected from 2025 to 2026.

Kaia public chain makes a strong push for stablecoin and payment scenarios. Can it step into the "stablecoin summer"? Recently, the Kaia public chain has become one of the focal points in the crypto market due to its strong token growth momentum. Since its launch in August 2024, Kaia has continued to make a strong push in terms of technical performance and ecological construction. Recently, its actions in the stablecoin and payment sectors have sparked enthusiastic discussions among industry investors. Senior officials from the foundation publicly stated, "Kaia's stablecoin summer is coming soon," implying that its fiat-pegged token plan is gradually being implemented. After the new government took office in South Korea, supporting the issuance of stablecoins pegged to the Korean won has become a new policy direction. The Kaia team immediately announced plans to launch a Korean won stablecoin in collaboration with several super apps. Once this news was announced, the prices of related concept stocks surged, and the Kaia token rose from nearly $0.10 to a peak of $0.17, reflecting the market's enthusiasm for local Korean stablecoins.

The competition in the South Korean stablecoin market is intensifying, with major commercial banks, technology companies, and Web3 enterprises actively positioning themselves. The government supports the local currency pegged stablecoin and is promoting the legislation of the "Basic Law on Digital Assets," expecting rapid rise in the market in the future. Several banks are preparing joint venture projects, and companies like Kakao Pay and Danal are also frequently taking action, striving to secure a leading position in this emerging field.