Foreign Stablecoins Take Over South Korea as Won Stablecoin Stalls in Legislation
- —JPYC spiked to 37.6 won on its Upbit debut, then fell to around 9 won
- —Visa: over 160 stablecoin-linked card programs, payment volume up about 200% year over year
- —Visa's annualized stablecoin settlement volume topped $20 billion
- —Mastercard has expanded onchain settlement in USDC and PYUSD since June
Why it matters: Delays in won stablecoin regulation could cede South Korea's payments market to foreign issuers already building usage and data.
Source: Blockmedia