South Korean CryptoCurrency Exchange Upbit is working at Payment Company Naver Pay to advance a winner (KRW) Stablecoin initiative, KBS reportedciting an anonymous official from Dunamu, Upbit’s parent company.
The two companies are pursuing a Stablecoin -based payment business, the officer said, though the details remain widespread. A stablecoin is a crypto token whose value is Pegged to a real-life asset like dollars or gold.
“We determine the scope and methods of cooperation once the relevant system is established,” the KBS officer told him.
The President of Crypto-friendly Korea, who was elected at the beginning of June, said he SupportIn the “won-based Stablecoin Market,” a stance earlier this week prompted the Korean bank to stop plans To roll a central digital currency (CBDC).
A KRW Stablecoin is probably an important event for local crypto entrepreneurs, who met with restrictions around the KRW transfer inside and outside the country. That led to a huge spread and arbitration opportunities, the trade that Pocketed FTX founder Sam Bankman Fried His first well -known treasure.
Spreading between South Korea and US exchanges are often labeled as “Kimchi premium.” The roll out of a KRW Stablecoin, as long as it is trained on-chain, means that traders can only change stablecoin for the USDT or USDC, which exceeds FIAT restrictions in the region and important prevention of any significant spread in the price.
