Summary
- Director Jae-woo Cho argued that considering the size of domestic exchanges, the potential of Korean Won stablecoin is significant.
- He stated that if you look at the growth of Tether and USD Coin, a Korean Won stablecoin can take hold.
- He cited the case of FDUSD being used on Binance and reaching the 4th place in market capitalization, emphasizing the importance of exchanges.
Considering the trading volume of virtual assets (cryptocurrency) in Korea, it has been argued that the potential of Korean Won stablecoin is significant.
On the 26th (local time), Jae-woo Cho, director of the Blockchain Research Institute at Hansung University, stated on X (formerly Twitter), "Those who have seen the growth of Tether (USDT) and USD Coin (USDC) can recognize the potential of a Korean Won-based stablecoin," and "The key to the growth of stablecoins is exchanges."
He explained, "Considering the deposits and trading volume of our country's exchanges, there is no reason why a Korean Won stablecoin cannot take hold," and "Tether (USDT) and USD Coin (USDC) grew with the support of Bitfinex and Coinbase, respectively." He added, "Even the unfamiliar First Digital USD (FDUSD) rose to the 4th place in asset-backed stablecoin market capitalization simply because it is used on Binance."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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