Share this article
South Korean Exchange Upbit to Work on Won Stablecoin With Naver Pay: Report
A KRW stablecoin could effectively iron out the spread between exchanges and end the "kimchi premium."
Jul 1, 2025, 1:56 p.m.
What to know:
- Upbit and Naver Pay are collaborating on a South Korean won (KRW) stablecoin initiative.
- The move follows the Bank of Korea pausing its CBDC plans, aligning with the president’s support for a won-based stablecoin market.
- A KRW stablecoin could reduce the "kimchi premium" by allowing easier on-chain swaps with USDT or USDC, easing cross-border trading friction.
South Korean cryptocurrency exchange Upbit is working with payments company Naver Pay to promote a won (KRW) stablecoin initiative, KBS reported, citing an unidentified official from Dunamu, Upbit's parent company.
The two companies are pursing a payments business based on the stablecoin, the official said, although details remain sparse. A stablecoin is a crypto token whose value is pegged to a real-life asset such as the dollar or gold.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"We will specify the scope and methods of cooperation as soon as the relevant system is established," the official told KBS.
Korea's crypto-friendly president, elected at the beginning of June, has said he supports a "won-based stablecoin market," a stance that earlier this week spurred the Bank of Korea to halt plans to roll out a central bank digital currency (CBDC).
A KRW stablecoin is likely to be an important event for local crypto traders, who have grappled with restrictions around moving KRW in and out of the country. That's led to a large spread and arbitrage opportunities, the trade that pocketed FTX founder Sam Bankman Fried his first notable wealth.
The spread between South Korean and U.S. exchanges has often been labeled as the "kimchi premium." The roll out of a KRW stablecoin, as long as it is tradable on-chain, would mean that traders can simply swap that stablecoin for USDT or USDC, bypassing fiat restrictions in the region and essentially ironing out any significant spreads in price.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Investment Firm Blockstream to Acquire TradFi Hedge Fund Corbiere Capital
The planned deal will bring Corbiere’s equity and event-driven strategies under Blockstream’s asset management arm.
What to know:
- Blockstream plans to acquire Jersey-based hedge fund Corbiere Capital Management for an undisclosed amount.
- Corbiere founder Rodrigo Rodriguez will become CIO of Blockstream Capital Management, a new asset management unit.
- Komainu, a Blockstream portfolio company, will handle custody, connectivity and off-exchange collateral management.
Top Stories
