Stablecoins Are the Next Version of Money, Likely to Catch On First in Emerging Markets, Speakers Say at EastPoint: Seoul 2026

Most useful in countries with weak interbank links

"Fintechs and cross-border users will drive the next wave"

Stablecoin payments are set to spread first in emerging markets with underdeveloped financial networks and in the remittance market, speakers at a panel in Seoul said. Because funds can move around the clock even in countries with weak banking links, stablecoins can cut transaction costs and settlement times, they said.

The discussion took place at EastPoint: Seoul 2026, a global private Web3 conference held on September 28 at the Westin Seoul Parnas in Seoul's Samseong-dong district. The panel focused on payment efficiency, regulatory compliance and the future path of stablecoin adoption.

Participants were Arnold Lee, chief executive officer of Sphere Labs; Jason Nay Win, Asia-Pacific chief executive officer of Mesh; and Zahir Ebtikar, chief strategy officer of Plasma.

Lee identified countries without well-established correspondent banking relationships as the markets where stablecoins would be most useful. In markets such as the US and Europe, where banking networks are tightly connected, existing remittance systems can move funds relatively smoothly. In transactions between emerging markets, however, securing intermediary banks takes substantial time and money.

"Stablecoins may offer only limited additional benefits in countries with strong banking links," Lee said. "By contrast, in countries where financial networks are not fully built out, stablecoins can deliver meaningful efficiency gains."

Using stablecoins as an intermediate settlement tool can simplify a complex cross-border transfer into two local payments. The process involves converting local currency into a stablecoin in the sending country and then converting it back into local currency in the receiving country. Rather than routing payments through multiple correspondent banks across borders, the blockchain links the two local financial networks.

Nay Win said the advantages of stablecoins extend beyond lower remittance fees. Traditional finance is constrained by national business days and time zones, delaying the movement of funds. Stablecoins, by contrast, can be used on weekends and public holidays, increasing the speed of capital turnover.

"Financial companies need substantial staff and spending to run existing payment systems," he said. "Stablecoins can process transactions transparently and operate 24 hours a day without an organization of the same size."

He also said stablecoins should be viewed not as a separate class of virtual assets but as a more advanced form of money. Ultimately, users may not even realize they are using stablecoins.

The panel also identified reducing duplication in regulatory compliance as a challenge. A single transaction often involves several financial institutions and payment providers, with each repeating the same know-your-customer, or KYC, procedures.

Inefficiencies arise because regulated institutions perform KYC checks and enhanced due diligence at each stage of a transaction, Lee said. Blockchain could make it possible to share one institution's verification results with another while protecting personal information. He added, however, that the strictest regulatory obligations should apply to financial institutions handling the on- and off-ramps between stablecoins and fiat currency.

Ebtikar said no single blockchain will be able to handle all stablecoin transactions. Because users and companies have different needs in speed, cost and regulatory requirements, dedicated blockchains and payment services linking multiple networks will need to develop together.

The speakers agreed that for retail users, convenience matters more than which blockchain a service runs on. The priority, they said, is to create an environment in which consumers can send money faster and more cheaply without having to navigate complex KYC procedures or choose among blockchains themselves.

They also said emerging-market fintech companies with some level of financial licensing stand to lead the spread of on-chain payments over the next three years, ahead of traditional banks or unregulated crypto firms. New markets could emerge as stablecoins connect countries where interbank links remain weak.

Young people who move frequently between countries were also identified as a key user group. "Online accounts and social media stay with you when you move, but financial accounts have to be opened and closed every time you change countries," Nay Win said. "Stablecoins will make it possible to use financial services across borders the way people use other digital services."

Park Si-on / Hwang Du-hyeon, Bloomingbit reporter