South Korea's payment giant Kakao Pay officially enters the Korean won stablecoin business, holding six key patents (PKRW, KKRW, etc.), aiming directly at USDT's 90% market share in Korea. Policy efforts are also in sync—the Lee Jae-myung government has lowered the entry threshold to $368,000 in capital + 100% reserves, causing Kakao Pay's stock price to surge 18% in a single day, with a staggering monthly increase of 200%.

Why is it worth paying attention to? Three major real-world drivers

Retail investors' urgent needs explode
One-third of South Korea's population participates in cryptocurrency trading, with local exchanges' daily trading volume exceeding that of the stock market. However, long-term domination by USDT has resulted in capital outflow and high transaction fees. If Kakao Pay connects its 36 million users' payment scenarios (like ridesharing, shopping, etc.), the Korean won stablecoin will directly lower transaction costs and achieve instant settlement.

A gamble on national strategy
President Lee Jae-myung has made crypto compliance a core achievement, rapidly pushing for policy implementation and appointing pro-crypto officials to take charge. South Korea is striving to compete for the title of 'Asian crypto hub' against Japan and Singapore.

The interest game between giants and retail investors

Policy risk: The central bank governor publicly criticizes private stablecoins as a threat to financial sovereignty, and policy enforcement may fluctuate;

Trust crisis: The shadow of Terra's collapse lingers, and institutions question the lack of fundamental support for Kakao Pay's stock price surge;

Implementation difficulty: Patent ≠ license, needs to overcome multiple hurdles like bank custody and anti-money laundering audits.

Retail investors' action guide: Rationally divide strategies to cope

Short-term speculators:
Keep a close watch on the dynamics of the two major exchanges, Upbit and Bithumb. If Kakao stablecoin is launched, early liquidity mining may yield high returns. But strict discipline is required: take profits and withdraw, refuse to stay in for too long.

Long-term holders:
Focus on checking the reserve audit report, which must meet the two iron rules of 100% Korean won deposits + custody by a Korean bank, otherwise withdraw immediately.

Risk hedging faction:
Consider a 'long Kakao stock + short USDT' strategy, with dual bets on policy dividends and regulatory risks.

The harsh truth: Emotional bubbles outweigh technical value

Korean media promotes 'stablecoins reduce e-commerce costs', but historical lessons are painful—Terra once used the same narrative to harvest the market. Retail investors can truly profit not from technical dividends, but from the price fluctuations of market sentiment.

Ultimate warning: Surviving in the gamble of national fortunes

The essence of this game is South Korea's gamble for pricing power of Asian stablecoins. Success would reshape the financial landscape, while failure could repeat the Luna collapse. For retail investors:

Rejecting a cannon fodder mentality: Don't blindly chase rising and falling prices;

Vulture strategy: Selectively bottom-fish during sharp declines, decisively cash out after sharp rises;

Keep an eye on the indicators: Policy trending topics are short-term market triggers, but always leave an exit route.