Economy - The Korea Times

Stablecoins trade above won-dollar exchange rate amid renewed US-China trade tensions

Dollar-pegged stablecoins are trading at a significant premium on Korean cryptocurrency exchanges, with prices roughly 5 percent above the official won–dollar rate, as renewed U.S.–China trade tensions roil markets, industry officials said Tuesday. At Upbit, Tether's USDT traded at around 1,490 won ($1.04) on Tuesday, following trades near 1,500 won the previous day. This was about 5 percent higher than the won–dollar exchange rate, which hovered at around 1,420 for the second consecutive day. Its price spiked as high as 1,655 won on Friday, following heightened concerns over escalating U.S.–China trade tensions. This marks the first time the token breached 1,650 won during trading hours since its Upbit debut in May. Circle's USDC, the no. 2 dollar-backed stablecoin, mirrored the trend, peaking at 1,647 won on Friday before retreating to 1,490 won by Tuesday — still above the official exchange rate. Smaller stablecoins saw wilder swings, with World Liberty Financial's USD1 briefly surging to 10,000 won on Friday before easing to around 1,500 won by Tuesday. "A surge of buy order

Oct 14, 2025By Lee Yeon-woo

Stablecoins trade above won-dollar exchange rate amid renewed US-China trade tensions

InterviewKRW stablecoin could anchor global tech transactions: Tether CEO

It doesn't make sense to create a stablecoin for every country. Only a few nations are strategically suited for such a move, and Korea is one of them, according to Tether CEO Paolo Ardoino. "While the world goes toward more and more tech, the biggest tech players are basically you guys (Korea) and a couple of other countries," Ardoino told The Korea Times in a recent video interview. "So I think the Korean won is going to be one of the most important currencies for settling transactions and tech-related commodity trades, as well as international agreements for access to new technology," he added. Tether is the issuer of USDT, the world's largest and most widely used stablecoin. Each USDT is pegged to the U.S. dollar. For every token issued, Tether holds an equivalent amount of assets — such as cash or U.S. Treasury bills — to ensure full backing. This mechanism helps maintain price stability and minimize the volatility typical of other cryptocurrencies. Stablecoins like USDT are expected to expand financial access in developing economies and improve the efficiency of cross-border remi

Oct 14, 2025By Lee Yeon-woo

KRW stablecoin could anchor global tech transactions: Tether CEO

InterviewAptos seeks to rebuild global finance on-chain: CEO

A growing share of traditional Wall Street capital is being tokenized and deployed on blockchain infrastructure. This signals that digitized real-world assets (RWAs), including commodities, equities and currencies, are poised to become central to the global economy, according to Avery Ching, Chief Executive Officer of Aptos Labs. "Blockchains provide a platform that is permissionless, decentralized and very, very low-cost," Ching said in a recent video interview with The Korea Times. "In traditional finance, there are many distinct systems, such as settlement and credit risk, but blockchain allows you to solve that with one infrastructure." Aptos, a layer 1 blockchain launched in 2022 by Ching and Mo Shaikh — both former engineers on Meta's crypto project, called Diem — has positioned itself at the center of this emerging market. After Shaikh stepped down from leadership in December 2024, Ching moved from Chief Technology Officer to CEO. "A lot of blockchains were built as general-purpose infrastructure, and we ourselves were that way at first, to some degree," Ching said, explainin

Oct 4, 2025By Lee Yeon-woo

Aptos seeks to rebuild global finance on-chain: CEO

Could Dunamu's Nasdaq ambitions gain new life through Naver Financial?

Dunamu's long-held ambitions for a Nasdaq listing are regaining momentum, as ongoing merger talks with Naver Financial raise the possibility of a more competitive corporate valuation, analysts said Wednesday. "If a merger and equity swap between Dunamu and Naver were to take place, Dunamu Chair Song Chi-hyung would become the largest shareholder of Naver based on his stake in the merged entity, while Dunamu and Naver Financial would secure a pathway toward a potential Nasdaq listing," said Jo Tae-na, an analyst at Eugene Investment & Securities. "It’s seen as the best win-win strategy," Jo added. According to sources familiar with the matter, the two companies are in advanced talks to execute a comprehensive equity swap that would give Naver’s financial arm full ownership of Dunamu, the operator of the world’s fourth-largest cryptocurrency exchange Upbit. The proposed deal would enable Naver Financial to launch a comprehensive digital finance platform that integrates payments, e-commerce and cryptocurrency trading, while positioning Dunamu more favorably for entry into global capit

Oct 1, 2025By Lee Yeon-woo

Could Dunamu's Nasdaq ambitions gain new life through Naver Financial?

Dunamu takeover blessing for Naver: analysts

A comprehensive stock swap between Naver Financial and Dunamu could significantly boost Naver's corporate value and accelerate its entry into the digital asset payments sector, analysts said Friday. "The business partnership with Dunamu should be seen not just as revenue from virtual asset transactions, but as a stepping stone into broader digital asset businesses such as real-world assets (RWA) and stablecoins," said Lee Hyo-jin, an analyst at Meritz Securities. Lee noted that Naver and Mirae Asset Group currently hold Naver Financial shares in a 3:1 ratio, saying that Mirae Asset's securities arm could potentially participate in RWA tokenization, while Dunamu would take charge of distribution. On Thursday, reports emerged that Naver and Dunamu are negotiating a deal that would give Naver Financial full ownership of the cryptocurrency exchange. Under the proposed terms, Dunamu shareholders would transfer their stakes to Naver Financial in exchange for newly issued shares. Both companies confirmed the ongoing discussions but said no final agreement has been reached. Naver Financial current

Sep 26, 2025By Lee Yeon-woo

Dunamu takeover blessing for Naver: analysts

Naver in talks to take over Upbit operator Dunamu via stock swap

Naver is seeking to bring Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, under its financial umbrella through a comprehensive stock swap, industry officials said Thursday. If the deal proceeds, Dunamu would become a wholly owned subsidiary of Naver Financial, extending the portal giant’s influence in the digital finance sector. According to sources, Naver and Dunamu are in negotiations to execute a comprehensive stock swap that would give Naver Financial full ownership of the crypto company. Under the proposed terms, Dunamu shareholders would transfer their stakes to Naver Financial in exchange for newly issued shares. The structure of the deal is expected to resemble Kakao’s acquisition of Daum, where Daum remained a separate legal entity but operated under Kakao ownership. Major shareholders of Dunamu include its Chairman Song Chi-hyung (25.5 percent), Vice Chairman Kim Hyoung-nyon (13.1 percent), Kakao Investment (10.6 percent) and Woori Technology Investment (7.2 percent). Naver holds approximately 69 percent of Naver Financial. While the board meeting to

Sep 25, 2025By Lee Yeon-woo

Naver in talks to take over Upbit operator Dunamu via stock swap

Bithumb under scrutiny over order book sharing with Australian exchange

Bithumb, Korea’s second-largest cryptocurrency exchange, is under scrutiny by financial authorities after it began sharing its order book with Australia’s Stellar Exchange, raising concerns over potential personal data leaks and money laundering, industry and government officials said Tuesday. The Financial Intelligence Unit under the Financial Services Commission (FSC), the country’s top financial regulator, plans to summon Bithumb CEO Lee Jae-won for questioning in connection with the issue. “We are reviewing procedural compliance, and if any breaches of the Act on Reporting and Using Specified Financial Transaction Information are found, appropriate measures will be taken,” an FSC official said. On Monday, Bithumb announced the launch of a new Tether (USDT) market and notified investors that it would begin sharing its order book with Stellar Exchange. An order book shows real-time buy and sell orders on an exchange. By sharing it, investors on both platforms can view the same orders and trades, making it easier to match buyers and sellers and potentially boosting trading act

Sep 23, 2025By Jun Ji-hye

Bithumb under scrutiny over order book sharing with Australian exchange

Trump family takes center stage at Korea Blockchain Week 2025

This year's Korea Blockchain Week (KBW), the country's biggest annual crypto event, was all about U.S. influence. Members of the Trump family and their affiliated crypto projects took center stage at the event held at the Grand Walkerhill Seoul, Tuesday, courting the Korean market and generating significant buzz within the local industry. Among the featured speakers were Donald Trump Jr., the eldest son of U.S. President Donald Trump and co-founder of American Bitcoin, and Eric Trump, his younger brother and co-founder of World Liberty Financial. Executives from both companies also appeared in person to promote their respective businesses. Even the White House made its presence felt, with officials from the presidential council on digital assets signaling the president's full-throated support for crypto initiatives. Eric Trump kicked off the event with a virtual congratulatory message, courting the Korean market just as he had done at the Upbit D Conference on Sept. 9. "I truly have to say every time I speak to Koreans, every time I speak to the great people of the country, I'm truly insp

Sep 23, 2025By Lee Yeon-woo

Trump family takes center stage at Korea Blockchain Week 2025

Kaia, LINE NEXT to bridge Asia's fragmented markets with stablecoin super app

Kaia DLT Foundation and LINE NEXT are teaming up to launch a super app designed to unify Asia's fragmented financial landscape through stablecoins pegged to local currencies, the two companies said Monday. A super app provides a marketplace of services and offerings delivered via in-house technology and through third-party integrations. "We aim to connect Asia through stablecoins," Seo Sang-min, chairman of Kaia DLT Foundation, said at a press meeting Monday. "Asia, home to about 50 countries, is one of the most fragmented regions in the world." Kaia is a blockchain platform formed in 2024 through the merger of Klaytn, developed by Kakao, and Finschia, created by LINE Tech Plus, a Naver affiliate. It is also one of the 10 global blockchain platforms where USDT (Tether) has been onboarded. Tentatively named Project Unify, the beta service will be launched later this year. It is designed to integrate and support stablecoins pegged to various national currencies, including the Korean won (projected to take shape), U.S. dollar, Japanese yen, Thai baht, Indonesian rupiah, Philippine peso, Mal

Sep 22, 2025By Lee Yeon-woo

Kaia, LINE NEXT to bridge Asia's fragmented markets with stablecoin super app

Korea-Japan stablecoin remittance trial succesfully concludes 1st phase

Korean participants in Project Pax said Tuesday that they had successfully completed the first phase of technical verification for a cross-border stablecoin remittance initiative between Korea and Japan. On the Korean side, participants included major banks such as Shinhan Bank, Kbank and NH NongHyup Bank, alongside Web3 companies including Fair Square Lab and Korea Digital Asset Custody. The Japanese side was represented by Shoko Chukin Bank and fintech firms such as Progmat and Datachain. The organizations held a project completion briefing in Tokyo on Sept. 10 to share the outcomes of the initiative. The verification process involved converting Korean won into a Korean won-pegged stablecoin domestically, transferring it via blockchain infrastructure, and then converting it into Japanese yen upon arrival. The stablecoin was applied only to the cross-border segment of the remittance, while the existing domestic banking network was retained. Kbank reported that the stablecoin-based transactions were processed faster and at a lower cost compared to traditional international remittance sys

Sep 16, 2025By Lee Yeon-woo

Cryptocurrency