The Stablecoin Race is On: Upbit x Naver, and a "Robinhood" Surprise [FP Weekly 27]

Jul 07, 2025

[Article] KRW Stablecoins Should Be Issued on Ethereum(ASA Opinion #2)

Written by 100y

Recently in Korea, there has been active discussion around various topics such as the issuer of KRW stablecoins and the management of reserves. One unfortunate reality is that while almost all stablecoins globally are issued on Ethereum without exception, there is still a lack of awareness in the Korean market about why KRW stablecoins must also be issued on Ethereum.
Compared to other networks, Ethereum offers overwhelming liquidity, a proven system, network effects, a high level of security, and strong decentralization. While it is possible to support native issuance on networks other than Ethereum, my argument is that the initial issuance must always begin with Ethereum at the center.
Global stablecoins typically support issuance through one of the following methods: 1) single network, 2) multichain without native bridge, 3) multichain with native bridge, and 4) multichain with canonical bridge.
Considering the unique nature of KRW stablecoins, they should be issued on the Ethereum network without exception. However, it may be worth strategically considering native issuance on a small number of chains. If multichain support is introduced, it will be essential to adopt a cross-chain solution.

Written by 100y

As seen in the cases of USDT and USDC, support as a quote currency on exchanges is a highly effective strategy for the early growth of a stablecoin.
Naver Pay, the leading player in Korea’s simple payment market, and Upbit, the top crypto exchange in Korea, recently announced that they are pursuing a stablecoin issuance business through a consortium.
Based on customer deposit volumes of Upbit and Naver Pay, even if only about 5 percent is converted into KRW stablecoins, KRW has the potential to become the second-largest stablecoin in the world after the US dollar.

Written by Ponyo

Robinhood lists 200+ U.S. stocks and pre-IPOs as Arbitrum tokens, opening a regulated retail ramp on-chain.
Orbit-based Robinhood Chain will share 10% sequencer fees with Arbitrum DAO, but tokens remain whitelist-locked.
Spot-focused Robinhood and perp-focused Hyperliquid now race toward the same 24/7 all-asset exchange goal.
Legacy “5-day, 6.5-hour” equity hours look obsolete as border-free, always-on trading accelerates.

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