🇰🇷 Korean Won stablecoin faces utility doubts

With the central bank ditching its CBDC pilot for a privately issued stablecoin, big players are rushing in — KakaoBank exploring issuance & custody, Upbit teaming with Naver Pay on a payment token.

But “onshore” rules mean overseas entities can’t directly convert KRW, limiting use to KYC’d Korea-linked addresses. 🚫

Analysts say with Korea’s already instant, free local transfers, the token’s edge in payments is thin — likely confined to domestic use.

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