Kaia chair: Asia is already competing on stablecoins, Korea can't rely on legislation alone
- —Dollar-pegged coins make up 99.4% of stablecoin issuance; non-dollar coins just 0.6%
- —Kaia-KB Kookmin Bank PoC cut the cost of a 100,000 won transfer from about 9,600 won to under 1,250 won
- —Japan launched the JPYC yen stablecoin in October, Hong Kong issued its first license in April
- —Stablecoins account for under 1% of the $150 trillion annual cross-border B2B payments market
Why it matters: If dollar stablecoins entrench in Korea before won-based infrastructure is ready, local issuers and banks risk losing the payments and remittance market.
Source: Blockmedia