ChainCatcher news, according to CoinDesk, the Bank of Korea has abandoned its central bank digital currency pilot and is shifting towards stablecoins issued by the private sector, prompting fintech companies and banks to accelerate their strategies. KakaoBank is considering entering the issuance and custody business, while Upbit and Naver Pay are collaborating to develop payment tokens to narrow the price gap between local and global cryptocurrencies.

However, due to long-standing 'onshore' rules restricting won transactions, foreign institutions cannot directly exchange won overseas, and won stablecoins can only be used for KYC addresses linked to Korea, hindering cross-border settlement applications.

Analysis suggests that this token lacks payment efficiency advantages under the domestic instant and free transfer system, and its main applications may be limited to domestic scenarios.