South Korean | Crypto

South Korea’s largest crypto exchange, Upbit, unveiled a cryptic countdown this week for a new blockchain project called “Giwa,” fueling speculation about its purpose and potential role in the country’s fast-growing digital asset sector. The teaser site, which carries the tagline “trusted structure, not just shape,” offered no technical details but directed visitors to the […] The post South Korean exchange Upbit teases own blockchain network with countdown appeared first on CryptoSlate.

South Korean traders poured $259 million into Ether-hoarding firm BitMine in July, making it the country’s most-purchased overseas stock. South Korean retail investors are pivoting away from Big Tech stocks in the United States into high-risk, high-reward crypto-linked equities.  A Yonhap News Agency report citing data from the Korean Center for International Finance (KCIF) said the percentage of crypto-linked stocks in the top 50 net-bought stocks by South Korean investors rose from 8.5% in January to 36.5% in June before declining to 31.5% in July.  The report added that net purchases of the top US Big Tech companies dropped to $260 million in July, down 84% from a monthly average of $1.68 billion between January and April.  Read more

Shares of Kakao Bank, Kookmin Bank and the Industrial Bank of Korea rose by 10% to 19% following stablecoin trademark applications. Shares of major South Korean banks surged following trademark filings for stablecoins, signaling growing institutional interest in digital assets.  According to Google Finance data, at least three South Korean banks that recently applied for Korean won stablecoin trademarks saw their stock prices increase by 10% to almost 20%. The market reaction suggests investor optimism around the banks’ potential entry into the cryptocurrency sector. The filings came shortly after the inauguration of the country’s 21st president, Lee Jae‑myung, on June 4. His campaign included crypto-friendly promises, including the development of a Korean won-pegged stablecoin. Read more

Eight major banks in South Korea are working on a stablecoin backed by the won, aiming to protect the currency from the growing US dollar dominance. Eight major South Korean banks will team up to launch a stablecoin pegged to the country’s won currency, marking a significant step toward digital asset adoption.  According to an Econovill report, the project involves institutions including KB Kookmin, Shinhan, Woori, Nonghyup, Corporate, Suhyup, Citi Korea and SC First Bank. The collaboration aims to combat increased dollar dominance due to the rise of dollar-pegged stablecoins.  Data from the real-world asset (RWA) tokenization tracker RWA.xyz shows that stablecoins have a market capitalization of over $239 billion. The data also shows that 99% of the stablecoins issued are pegged to the US dollar.  Read more

Kakao-backed blockchain Kaia joins South Korea’s stablecoin race as the tech giant’s payments app surges 30% on the stock market. Layer-1 blockchain Kaia has pledged to launch a South Korean won-based stablecoin following the Wednesday inauguration of President Lee Jae-myung, a left-leaning politician whose campaign included a series of crypto-friendly promises. Launching a won-based stablecoin is one of the crypto goals laid out during Lee’s campaign that set him apart from other crypto-friendly candidates. The issuance of stablecoins faces legal hurdles, as South Korea’s constitution grants exclusive authority over currency issuance to the central bank, the Bank of Korea. Read more

K Wave Media announced a $500 million securities deal to fund a Bitcoin-treasury strategy, aiming to become the “Metaplanet of Korea.” South Korean entertainment company K Wave Media has entered into a securities purchase agreement worth up to $500 million to fund a Bitcoin-centric crypto treasury strategy. K Wave reached an agreement with Bitcoin Strategic Reserve KWM for the sale of up to $500 million of ordinary shares to fund its Bitcoin treasury, according to a June 4 announcement. “By embedding BTC into our core strategy, we’re reinforcing our commitment to decentralization, agility, and future-facing value creation,“ said Ted Kim, co-interim CEO of K Wave Media. Read more

South Korea's presidential candidate Lee Jae-myung backed a won-backed stablecoin to curb capital flight. South Korea’s Democratic Party leader Lee Jae-myung proposed creating a stablecoin tied to the Korean won to prevent capital outflows and strengthen national financial sovereignty. Speaking during a recent policy discussion, Lee argued that a won-based stablecoin would allow South Korea to retain wealth domestically while reducing reliance on foreign-issued digital assets like USDt (USDT) and USDC (USDC), according to The Korea Herald. Currently, South Korean law prohibits the issuance of domestic stablecoins, forcing local exchanges to rely on US dollar-based alternatives. Read more