South Korean Exchange Upbit to Work on Won Stablecoin With Naver Pay: Report
2025-07-01 14:32:22
Main Idea
South Korean cryptocurrency exchange Upbit is collaborating with Naver Pay to develop a won (KRW) stablecoin, which could reduce the spread between exchanges and eliminate the 'kimchi premium'.
Key Points
1. Upbit and Naver Pay are working together on a KRW stablecoin initiative.
2. A KRW stablecoin could help reduce the spread between South Korean and U.S. exchanges, known as the 'kimchi premium'.
3. The initiative aligns with South Korea's crypto-friendly policies under its newly elected president.
4. The stablecoin could streamline the movement of KRW in and out of the crypto market, bypassing fiat restrictions.
Description
South Korean cryptocurrency exchange Upbit is working with payments company Naver Pay to promote a won (KRW) stablecoin initiative, KBS reported , citing an unidentified official from Dunamu, Upbit's parent company. The two companies are pursing a payments business based on the stablecoin, the official said, although details remain sparse. A stablecoin is a crypto token whose value is pegged to a real-life asset such as the dollar or gold. "We will specify the scope and methods of cooperation as...
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