Changbo Ryu, President of the Open Blockchain Association: "Stablecoins, the Last Opportunity for the Domestic Blockchain Industry"

"Stablecoins (virtual assets linked to the value of fiat currency) are the last hope for the domestic blockchain industry. I hope that the currently discussed KRW-based stablecoins will become the key infrastructure that fosters the growth of the domestic blockchain industry."

Changbo Ryu, President of the Open Blockchain & DID Association, argued this at the regular meeting of the blockchain demand-supply consultative body 'ABLE', held at Rendezvous Hall, Dragon City, Seoul, on the 9th (KST). Furthermore, he emphasized, "Stablecoins, tokenized securities, and central bank digital currency (CBDC) can become core elements in the digital economy."

The Open Blockchain & DID Association, a leading domestic blockchain association, was launched as a forum in 2017 and received approval to establish as a non-profit corporation from the Ministry of Science and ICT in 2018. Currently, members include KB Kookmin Bank, Shinhan Bank, Woori Bank, NH Nonghyup Bank, IBK Industrial Bank of Korea, Suhyup Bank, and the Korea Financial Telecommunications & Clearings Institute (KFTC), and they are conducting proof-of-concept research and technological collaboration through the stablecoin division. President Ryu also serves as the blockchain team leader of the Digital Strategy Division at NH Nonghyup Bank.

President Ryu conveyed that, as relevant bills are being submitted at the new government level, discussions about stablecoins are in full swing within the banking sector as well. He said, "The association is also discussing stablecoins" and added, "We are continuing our internal review of feasible business models and regulatory directions."

However, he expressed concern that the lack of regulatory clarity is slowing down business progress. President Ryu stated, "The core business of blockchain is constantly changing, but the domestic industry remains stagnant," and "While there is a lot of external interest in stablecoins at present, there are still voices internally questioning their potential." Additionally, he noted, "Which mainnet to use will be decided once regulatory systems and the like become clear."

Lastly, President Ryu expressed that he will approach the business models and feasibility of stablecoins more cautiously. He said, "It seems stablecoins are currently in quite an overheated state," and advised, "Since stablecoins are assets just like real currency, practical consideration of business models is necessary."