Update on KRW Stablecoin: FACTS & THOUGHTS — Part 2
If you missed Part 1, scroll down to the previous post at the bottom
1. Korean Exchanges Are Finally Making Bold Moves
One of my long-standing criticisms has been that Korean exchanges are too conservative and hesitant to invest meaningfully in the local crypto ecosystem. That may be starting to change.
Bithumb Exchange recently announced a KRW stablecoin competition with a prize pool of KRW 300 billion (~$22 million USD). This kind of capital and opportunity has the power to attract fresh talent and renewed attention — exactly what Korea’s stagnant crypto scene needs. I deeply respect this initiative.
IMHO even more surprising is Upbit, Korea’s largest exchange by far, recently launching USDT on Aptos and USDC on Solana — a bold move for an exchange known for its cautious approach. This not only signals a shift in regulatory sentiment, but also suggests that Upbit is actively preparing for the coming KRW stablecoin era.
2. Korea Will Follow Circle’s ($CRCL) Lead
At the moment, Korean exchanges, builders, and investors are spreading their bets due to uncertainty around how KRW stablecoin regulations will take shape. That’s expected in an early-stage race.
However, if history is any guide, Korea rarely leads on regulation. Instead, it looks to established global frameworks for precedent — and Circle is currently the most credible model. Circle is NYSE-listed, SEC-reviewed, and MiCA-compliant. That makes USDC more favorable in the eyes of Korean regulators compared to USDT, which is not MiCA-compliant (at least not yet). It’s likely Korea will view Circle’s choice of Layer 1s and partners as a vetted, safe template to emulate.
3. Domestic Players Will Lead KRW Stablecoin Issuance
Since the 1997 Asian Financial Crisis, Korea has maintained strict capital controls. This means the government will only permit domestic entities to issue and operate KRW stablecoins. Foreign-headquartered companies will likely be excluded, while Korean banks, locally licensed VASPs (Virtual Asset Service Providers), and local well-capitalized technology vendors will be front and center.
CONCLUSION:
The momentum is real, but the path is still unfolding. Korea’s KRW stablecoin race is heating up — and the players, frameworks, and partners involved today will shape its outcome tomorrow.
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Here are the FACTS and my THOUGHTS on the KRW Stablecoin:
1. Political Promises vs. Reality
Korea has seen “pro-crypto” presidents before — yet nothing meaningful came of it. Will this new administration be different? Personally, I’m skeptical. Korean politicians don’t exactly have a strong track record when it comes to delivering on innovation.
2. Regulatory Momentum Is Real
It’s true that the current administration is moving quickly on KRW stablecoin regulation. The momentum is strong, fueled further by Circle’s ($CRCL) IPO, which has reignited interest in the stablecoin sector. Banks, tech giants, and startups are all jockeying for position — evident in moves like Parameta’s partnership with Inscobee. Right now, KRW stablecoin is the hottest topic in Korea.
3. Too Many Cooks in the Kitchen?
We’re likely to see multiple KRW stablecoin issuers competing. The largest banks have already formed a consortium to explore opportunities. But with so many players and agendas, real progress could be slow. The hype is here — the execution remains to be seen.
4. Limited Market, Limited Winners
Let’s be honest — KRW is not a global currency, and it’s not even among the top 10 most-traded. The market likely isn’t big enough to support multiple winners. It’s possible only one will break through — or none at all.
5. Multi-Chain or Bust
This part is non-negotiable: the winning KRW stablecoin must be multi-chain. It won’t survive if it’s tied to a single Layer 1. But that also means a lower market cap stablecoin will have to be spread thin across several ecosystems.
So, what does this mean for SODAX?
This is where $SODA and SODAX shine.
We’re already multi-chain — or more accurately, chain-agnostic. SODAX sits above the base layers as the execution and routing layer — integrating with all major chains, not competing with them. So regardless of which chain a KRW stablecoin runs on, SODAX benefits.
That’s the power of being the middle layer — we don’t bet on winners; we connect them.
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