Dunamu CEO Says Exchange Distribution Is Key to Early Stablecoin Adoption

Upbit Holds ‘UpClass’ Lecture Series at Major Universities

‘K-Finance, K-Fintech Can Grow Into Industries Korea Can Be Proud Of’

“The key to early stablecoin adoption is distribution through exchanges.”

Oh Kyung-seok, chief executive officer of Dunamu, made the remarks during a lecture on May 13 at Korea University’s Seoul campus in Anam-dong, Seoul. He said stablecoins would likely spread quickly in South Korea if they are brought under an institutional framework. Processing large-scale transactions from individual users in a stable manner would require a significant level of technological capability, he said.

Oh visited his alma mater as part of UpClass, a university lecture series hosted by Upbit, South Korea’s largest virtual-asset exchange. Oh, who has led Dunamu since last year, delivered a special lecture on “Digital Assets and Future Finance Insights.” He also took questions from students after the session.

Oh said exchanges would take on a bigger role as stablecoins gain wider adoption. The value of a currency ultimately comes from the size of its user base, he said. Tether’s USDT and Circle’s USDC were ultimately stablecoins that received strategic support from exchanges, he added, and that support helped boost liquidity and drive their global spread.

He also said Upbit is keeping pace with the expansion of the stablecoin market. Upbit’s spot trading volume has reached 1,491 trillion won, or about $1.08 trillion, and its cumulative user base stands at 13.26 million. The platform has at one point handled as much as 40 trillion won, or about $29 billion, in a single day, he said. The company is also pushing to expand into Singapore, Indonesia, Peru and Vietnam.

Oh said the virtual-asset industry could develop into a signature Korean industry, much like K-culture. He said Upbit’s capabilities in blockchain technology rank among the best in the world. He added that he would work to help K-finance and K-fintech grow into industries South Korea can take pride in.

He also offered practical advice to university students. After graduating from Korea University’s business school, Oh worked as a certified public accountant, passed Korea’s national bar exam, and went on to serve as a judge and later as a lawyer at a major law firm. In 2016, he worked as an executive at apparel company Panko before joining Upbit.

Asked what standards he used in choosing a career, Oh said, “There is no stability in life.” He said that early in his career he focused on stable jobs and salary. But he joined Dunamu because he believed the role would allow him to work in a dynamic environment and contribute to society. He added that he did not feel uneasy about the decision.

Park Si-on, Hankyung.com reporter ushire908@hankyung.com