7 hours ago
South Korean cryptocurrency speech Upbit is moving with payments institution Naver Pay to beforehand a won (KRW) stablecoin initiative, KBS reported, citing an unidentified authoritative from Dunamu, Upbit's genitor company.
The 2 companies are pursing a payments concern based connected the stablecoin, the authoritative said, though details stay sparse. A stablecoin is simply a crypto token whose worth is pegged to a real-life asset specified arsenic the dollar oregon gold.
"We volition specify the scope and methods of practice arsenic soon arsenic the applicable strategy is established," the authoritative told KBS.
Korea's crypto-friendly president, elected astatine the opening of June, has said helium supports a "won-based stablecoin market," a stance that earlier this week spurred the Bank of Korea to halt plans to rotation retired a cardinal slope integer currency (CBDC).
A KRW stablecoin is apt to beryllium an important lawsuit for section crypto traders, who person grappled with restrictions astir moving KRW successful and retired of the country. That's led to a ample dispersed and arbitrage opportunities, the commercialized that pocketed FTX laminitis Sam Bankman Fried his archetypal notable wealth.
The dispersed betwixt South Korean and U.S. exchanges has often been labeled arsenic the "kimchi premium." The rotation retired of a KRW stablecoin, arsenic agelong arsenic it is tradable on-chain, would mean that traders tin simply swap that stablecoin for USDT oregon USDC, bypassing fiat restrictions successful the portion and fundamentally ironing retired immoderate important spreads successful price.
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