Upbit's support for KRW stablecoin could be Korea's gateway to global finance: CEO

Dunamu CEO Oh Kyoung-suk speaks at the Upbit D Conference at Grand InterContinental Seoul Parnas, Tuesday. Courtesy of Dunamu

Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, has revealed ambitions to become a central player in the development of Korean won-pegged stablecoins, stating that its support could help elevate Korean finance onto the global stage.

At the Upbit D Conference (UDC) 2025, held Tuesday at the Grand InterContinental Seoul Parnas, Dunamu CEO Oh Kyoung-suk emphasized that the success of a stablecoin hinges on the distribution capabilities of a cryptocurrency exchange.

"When you look at the market capitalization of dollar-based stablecoins, their performance has been noticeably stronger when distributed by major asset exchanges," Oh said.

For instance, the market capitalizations of USDT, issued by Tether, and USDC, issued by Circle, stand at 230 trillion won ($165.8 billion) and 90 trillion won, respectively. In contrast, PYUSD, despite being issued by payment giant PayPal, has reached only 1.6 trillion won.

Oh highlighted Upbit’s trading infrastructure as a key advantage. The exchange has recorded a cumulative spot trading volume of 1,740 trillion won, with 12 million registered users and infrastructure capable of processing 20,000 trades per second.

"Upbit supporting a Korean won-based stablecoin could be a golden opportunity for Korean finance to expand beyond Asia and onto the global stage," Oh said.

Despite its robust infrastructure, Oh acknowledged that Upbit faces significant limitations compared to other global exchanges, largely due to Korea’s regulatory environment.

"Upbit currently faces business limitations — it cannot offer derivatives trading, is closed to foreign users and allows corporate accounts only on a trial basis," he said. "With the right policy support, it could serve as a national champion in the global financial arena."

GIWA logo / Courtesy of Dunamu

At the event, Upbit also unveiled GIWA (Global Infrastructure for Web3 Access), its proprietary blockchain infrastructure. The initiative reflects growing concerns that the Korean market is falling behind as overseas blockchain industries continue to advance with various services.

Oh expressed confidence that with Upbit operating its own chain, it will enable the stable issuance and circulation of Korean won-based stablecoins within the country.

"Designed with know-your-customer and anti-money laundering compliance in mind, GIWA aims to provide a secure and regulated foundation for blockchain-based financial services," he said. "Backed by Upbit’s operational expertise in exchange management and staking infrastructure, the chain is expected to run reliably and at scale."

Eric Trump, executive vice president of the Trump Organization, delivers a virtual address at the Upbit D Conference at Grand InterContinental Seoul Parnas, Tuesday. Courtesy of Dunamu

Bringing blockchain to the mainstream

About 60 speakers addressed blockchain’s growing impact across mainstream industries. Notably, the event featured a virtual appearance by Eric Trump, executive vice president of the Trump Organization and the third child of U.S. President Donald Trump.

Expressing his family’s enthusiasm for Korea, Trump praised the country as a leading adopter of cryptocurrency in Asia.

"We are looking at something very, very close with Korea," he said. "My family loves Korea, and we will be there both in terms of the digital asset space and in terms of a hard real estate space. We'll do so in a very meaningful way."

Trump referred to Upbit as a key partner in World Liberty Financial, a decentralized finance project led by the Trump family. Its governance token, WLFI, and dollar-based stablecoin, USD1, have been listed and traded on Upbit since Sep. 1.

He also signaled that the family’s support for the digital asset sector will not subside anytime soon.

"The biggest families in the world are buying digital assets. The biggest corporate entity in the world are buying digital assets," Trump said. "Digital assets are finally reaching a mass market like never before. There’s so much room ahead of us."

Patrick McHenry, right, former chair of the U.S. House Committee on Financial Services, speaks at the Upbit D Conference at Grand InterContinental Seoul Parnas, Tuesday. Courtesy of Dunamu

Other speakers pointed to the growing influence of U.S. crypto policy — particularly represented by the recently introduced GENIUS Act — as a catalyst reshaping the global crypto landscape.

Patrick McHenry, former chair of the U.S. House Committee on Financial Services, emphasized that the current momentum in U.S. regulation should serve as a wake-up call for global players, including Korea.

"There is a moment now for Korea to get it right. The U.S. movement this year is going to call for the rest of the world. You need to catch up. The United States is now fully in the game on crypto. It is not just rhetoric. It is legal reality," McHenry said.

"That doesn't mean compete for the fullness of the market necessarily, but it means having a balanced marketplace where innovation, capital formation can come together and unleash the best opportunities for consumers and for innovators," he added.

While Korean regulators have made efforts to craft a sustainable blockchain framework, the current approach leans heavily toward consumer protection, often driven by issue-specific pragmatism. As a result, market watchers say the country still lacks a unified, long-term vision for digital assets.

When asked about balancing innovation and consumer protection, McHenry pushed back on the premise of the debate, urging Korea to establish "first principles" for a proper crypto market structure.

"It’s a false choice to think innovation comes at the expense of consumer protection. That mindset is flawed," he said. "When you have deep, liquid and vibrant markets, it’s actually very good for the consumer."

Now in its eighth year, UDC is Korea’s leading blockchain conference, covering not only technology but also policy, market trends and the cultural evolution of the industry. Dunamu has hosted the event annually to foster dialogue, innovation and collaboration across the blockchain ecosystem.