The South Korean exchange of Upbit cryptocurrency works with the Naver Pay payment company to promote a winner (Krw) Stablecoin initiative, KBS reported, quoting an unidentified official from Dunamu, the parent company of Upbit.
The two companies are looking for a payment company according to Stablecoin, said the manager, although the details remain rare. Stablecoin is a crypto token whose value is set to a real asset such as dollar or gold.
“We will specify the scope and methods of cooperation as soon as the relevant system is established,” the manager told KBS.
The President of Corpto Korea, elected in early June, said that he was supporting a “Stablecoin Won based” market, a position that earlier this week (CBDC).
A Stablecoin KRW is probably an important event for local crypto traders, who have faced restrictions on the movement of KRW in and outside the country. This led to a large propagation and to arbitration opportunities, the trade that pocketed the founder of the FTX, Sam Bankman, fried his first notable wealth.
The spread between the South Korean and American exchanges has often been described as “prime kimchi”. The deployment of a stablecoin krw, as long as it is negotiable to the chain, would mean that traders can simply exchange this stablecoin for the USDT or the USDC, bypassing the Fiat restrictions in the region and in essentially any significant calculation.
