Stablecoin攤牌：韓國的機構加密競賽

韓國對贏得支持的穩定的穩定性，監管清晰度和機構興趣的戰略努力為數字金融革命奠定了基礎。

Stablecoin Showdown: South Korea's Institutional Crypto Race

Stablecoin攤牌：韓國的機構加密競賽

South Korea's diving headfirst into the stablecoin game, aiming to be a regional hub. With banks leading the charge and regulators laying down the rules, it's shaping up to be a wild ride in the digital finance world.

韓國首先進入Stablecoin遊戲，旨在成為區域樞紐。隨著銀行領導指控和監管機構制定規則，它正在成為數字金融界的瘋狂之旅。

The Regulatory Runway: Ready for Takeoff?

監管跑道：準備起飛了嗎？

The Financial Services Commission (FSC) is hustling to get a comprehensive regulatory framework for won-backed stablecoins in place. Expect a bill by October 2025, all thanks to the Virtual Asset User Protection Act (VAUPA). Think strict rules on collateral, reserve transparency, and internal controls. The goal? Stability and less reliance on those good ol' U.S. dollars. Plus, the “banks-first” model, is minimizing systemic risk and aligns with global trends.

金融服務委員會（FSC）忙於為贏得的穩定穩定劑提供全面的監管框架。由於《虛擬資產用戶保護法》（VAUPA），這一切都期望在2025年10月之前獲得一項法案。考慮嚴格的抵押品，後備透明度和內部控制規則。目標？穩定性，更少依賴那些良好的美元。另外，“銀行首先”模型正在最大程度地降低系統性風險，並與全球趨勢保持一致。

But hold up! The Basic Digital Asset Act (DABA) is also in the mix, introducing a licensing system for Virtual Asset Service Providers (VASPs) and setting minimum capital requirements for stablecoin issuers. This aims to attract big institutional money while keeping things trustworthy. Still, delays in finalizing the 2025 Digital Assets Act until 2027 create some uncertainty, potentially scaring off foreign investors.

但是堅持！ 《基本數字資產法》（DABA）也在組合中，為虛擬資產服務提供商（VASP）引入許可系統，並為Stablecoin發行人設定最低資本要求。這旨在吸引大量的機構資金，同時使事情值得信賴。儘管如此，直到2027年，最終確定《 2025年數​​字資產法》的延誤仍會造成一些不確定性，可能會嚇到外國投資者。

Banks and Fintechs: The Dynamic Duo

銀行和金融科技：充滿活力的二人組

Eight major banks—KB Kookmin, Shinhan, Woori, Nonghyup, Industrial Bank of Korea, Suhyup, Citibank Korea, and SC First Bank—are teaming up to launch a won-pegged stablecoin by late 2025 or early 2026. They're considering two options: a trust-based structure and a 1:1 deposit-token format backed by bank deposits. It’s like they’re building a financial fortress, brick by digital brick.

八家主要銀行 - KB Kookmin，Shinhan，Woori，Nonghyup，韓國工業銀行，Suhyup，Citibank Korea和SC First Bank，正組合在2025年末或2026年初推出了贏得的PEGGGEGGGGGEGSTABLECOIN。就像他們正在建造數字磚的財務要塞，磚。

Fintech firms are also jumping in. KakaoPay and KakaoBank are eyeing digital asset issuance and custody, while Upbit and Naver Pay are crafting tools to make KRW-stablecoin conversions smoother. And let's not forget Kaia Blockchain and LG CNS, innovating with DeFi solutions and cross-border payment systems.

金融科技公司也在跳入。 Kakaopay和Kakaobank正在關注數字資產的發行和監護權，而Upbit和Naver Pay是製作工具，可以使KRW-StableCoin轉換更加順暢。而且，不要忘記Kaia區塊鍊和LG CNS，並使用Defi Solutions和跨境支付系統進行創新。

Institutional Adoption: Will They Bite?

機構採用：他們會咬人嗎？

South Korea's regulatory clarity and private-sector innovation are definitely catching the eye of institutional players. The FSC’s plan to launch spot Bitcoin ETFs and KRW-backed stablecoins by late 2025 could unleash a flood of capital. Plus, the government wants to reduce capital outflows and boost monetary sovereignty, which aligns with the global push to ditch dollar dominance.

韓國的監管清晰度和私營部門的創新肯定吸引了機構參與者的注意。 FSC計劃在2025年底之前推出現場比特幣ETF和KRW支持的穩定幣，這可能會釋放出資本氾濫。另外，政府希望減少資本流出並提高貨幣主權，這與全球推動美元的統治地位相吻合。

However, there's a snag: the 2017 ban on institutional crypto trading by the Financial Supervisory Service (FSS) is still unresolved, limiting large-scale adoption. Political infighting over crypto's value adds to the risk. Despite these challenges, the FSC is walking a tightrope—promoting innovation while cracking down on shady stuff.

但是，有一個障礙：2017年禁止金融監督服務（FSS）對機構加密交易的禁令，但仍未解決，這限制了大規模採用。關於加密價值的政治內鬥增加了風險。儘管面臨這些挑戰，但FSC仍在行走繩索 - 在削減陰暗的東西的同時引起了創新。

National Blockchain: Korea's Secret Weapon?

國家區塊鏈：韓國的秘密武器？

South Korea's FSC Chairman nominee wants the country’s stablecoin to launch on a “national” blockchain, signalling government support. If it gets off the ground, it’d be a world first—a state-run blockchain hosting stablecoins. It’s all about keeping things domestic and under control.

韓國FSC主席提名人希望該國的Stablecoin在“國家”區塊鏈上發起，這是政府的支持。如果它脫穎而出，那將是一個世界上的世界 - 一個國有的區塊鍊主持Stablecoins。一切都是關於保持國內和控制的事情。

The ruling party is pushing for banks to be the main stablecoin issuers. Why? Stability, baby! They want the existing banking sector to take the lead, with crypto exchanges and other players tagging along. No local exchange has announced plans to issue its own stablecoin, but Upbit and Bithumb are working with payment providers Naver Pay and Toss for settlement services.

執政黨正在推動銀行成為主要的穩定發行人。為什麼？穩定，寶貝！他們希望現有的銀行業領先，加密交易所和其他參與者都在加上標籤。沒有地方交易所宣布計劃發布自己的穩定幣，但Upbit和Bithumb正在與付款提供商Naver Pay和toss合作進行和解服務。

A $1.5 Trillion Opportunity

1.5萬億美元的機會

With a projected $1.5 trillion stablecoin market by 2027, South Korea is aiming for the top spot in institutional-grade digital finance. The Bank of Korea (BOK) even paused its CBDC project to let private-sector stablecoins take the lead. The world is watching, with 86% of firms reportedly ready for stablecoin adoption.

預計到2027年將有1.5萬億美元的Stablecoin市場，韓國的目標是在機構級數字融資中排名第一。韓國銀行（BOK）甚至暫停了其CBDC項目，讓私營部門Stablecoins帶頭。全世界正在觀看，據報導，有86％的公司準備採用Stablecoin。

Coincheck's Bold Move

Coincheck的大膽舉動

Coincheck Group, a Nasdaq-listed crypto exchange, is going all-in on institutional crypto services. They recently bought Aplo, a French-regulated digital asset prime brokerage, to boost their game. Aplo brings institutional-grade capabilities like agency execution, direct market access, and algorithmic trading strategies. Plus, Aplo’s regulatory standing gives Coincheck a compliant way to operate in the EU.

納斯達克上市的加密交易所Coincheck Group正在全力以赴。他們最近購買了Aplo，這是一家法國監管的數字資產主要經紀，以提高他們的遊戲。 Aplo帶來了機構級的功能，例如代理執行，直接市場訪問和算法交易策略。另外，Aplo的監管地位為CoIncheck提供了一種合規的在歐盟運營的方式。

Final Thoughts: Buckle Up!

最終想法：搭扣！

South Korea’s bank-led stablecoin revolution is a wild mix of regulatory innovation, institutional adoption, and tech advancements. Keep an eye on infrastructure providers, institutional gateways, and partnerships between local banks and international players. Regulatory delays and geopolitical risks are still in the mix, but South Korea's strategic focus and emphasis on monetary sovereignty make it a market worth watching. So, grab your popcorn and enjoy the show!

韓國以銀行為首的Stablecoin Revolution是監管創新，機構採用和技術進步的瘋狂結合。請密切關注基礎設施提供商，機構門戶以及當地銀行與國際參與者之間的合作夥伴關係。監管延誤和地緣政治風險仍在組合中，但是韓國的戰略重點和對貨幣主權的重視使其成為一個值得一看的市場。因此，抓住您的爆米花並享受節目！