Stablecoin摊牌：韩国的机构加密竞赛

韩国对赢得支持的稳定的稳定性，监管清晰度和机构兴趣的战略努力为数字金融革命奠定了基础。

Stablecoin Showdown: South Korea's Institutional Crypto Race

Stablecoin摊牌：韩国的机构加密竞赛

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.

韩国首先进入Stablecoin游戏，旨在成为区域枢纽。随着银行领导指控和监管机构制定规则，它正在成为数字金融界的疯狂之旅。

The Regulatory Runway: Ready for Takeoff?

监管跑道：准备起飞了吗？

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.

金融服务委员会（FSC）忙于为赢得的稳定稳定剂提供全面的监管框架。由于《虚拟资产用户保护法》（VAUPA），这一切都期望在2025年10月之前获得一项法案。考虑严格的抵押品，后备透明度和内部控制规则。目标？稳定性，更少依赖那些良好的美元。另外，“银行首先”模型正在最大程度地降低系统性风险，并与全球趋势保持一致。

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.

但是坚持！ 《基本数字资产法》（DABA）也在组合中，为虚拟资产服务提供商（VASP）引入许可系统，并为Stablecoin发行人设定最低资本要求。这旨在吸引大量的机构资金，同时使事情值得信赖。尽管如此，直到2027年，最终确定《 2025年数字资产法》的延误仍会造成一些不确定性，可能会吓到外国投资者。

Banks and Fintechs: The Dynamic Duo

银行和金融科技：充满活力的二人组

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.

八家主要银行 - KB Kookmin，Shinhan，Woori，Nonghyup，韩国工业银行，Suhyup，Citibank Korea和SC First Bank，正组合在2025年末或2026年初推出了赢得的PEGGGEGGGGGEGSTABLECOIN。就像他们正在建造数字砖的财务要塞，砖。

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正在关注数字资产的发行和监护权，而Upbit和Naver Pay是制作工具，可以使KRW-StableCoin转换更加顺畅。而且，不要忘记Kaia区块链和LG CNS，并使用Defi Solutions和跨境支付系统进行创新。

Institutional Adoption: Will They Bite?

机构采用：他们会咬人吗？

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.

韩国的监管清晰度和私营部门的创新肯定吸引了机构参与者的注意。 FSC计划在2025年底之前推出现场比特币ETF和KRW支持的稳定币，这可能会释放出资本泛滥。另外，政府希望减少资本流出并提高货币主权，这与全球推动美元的统治地位相吻合。

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，有一个障碍：2017年禁止金融监督服务（FSS）对机构加密交易的禁令，但仍未解决，这限制了大规模采用。关于加密价值的政治内斗增加了风险。尽管面临这些挑战，但FSC仍在行走绳索 - 在削减阴暗的东西的同时引起了创新。

National Blockchain: Korea's Secret Weapon?

国家区块链：韩国的秘密武器？

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.

韩国FSC主席提名人希望该国的Stablecoin在“国家”区块链上发起，这是政府的支持。如果它脱颖而出，那将是一个世界上的世界 - 一个国有的区块链主持Stablecoins。一切都是关于保持国内和控制的事情。

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.

执政党正在推动银行成为主要的稳定发行人。为什么？稳定，宝贝！他们希望现有的银行业领先，加密交易所和其他参与者都在加上标签。没有地方交易所宣布计划发布自己的稳定币，但Upbit和Bithumb正在与付款提供商Naver Pay和toss合作进行和解服务。

A $1.5 Trillion Opportunity

1.5万亿美元的机会

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.

预计到2027年将有1.5万亿美元的Stablecoin市场，韩国的目标是在机构级数字融资中排名第一。韩国银行（BOK）甚至暂停了其CBDC项目，让私营部门Stablecoins带头。全世界正在观看，据报道，有86％的公司准备采用Stablecoin。

Coincheck's Bold Move

Coincheck的大胆举动

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.

纳斯达克上市的加密交易所Coincheck Group正在全力以赴。他们最近购买了Aplo，这是一家法国监管的数字资产主要经纪，以提高他们的游戏。 Aplo带来了机构级的功能，例如代理执行，直接市场访问和算法交易策略。另外，Aplo的监管地位为CoIncheck提供了一种合规的在欧盟运营的方式。

Final Thoughts: Buckle Up!

最终想法：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!

韩国以银行为首的Stablecoin Revolution是监管创新，机构采用和技术进步的疯狂结合。请密切关注基础设施提供商，机构门户以及当地银行与国际参与者之间的合作伙伴关系。监管延误和地缘政治风险仍在组合中，但是韩国的战略重点和对货币主权的重视使其成为一个值得一看的市场。因此，抓住您的爆米花并享受节目！