"Turning the 25 Trillion Won Local Currency Market Upside Down"... InskoB's 'Korean Won Stablecoin' Revolution

CEO Yoo Insu: "We Will Build a Stablecoin-Based Platform"
A Justified New Stablecoin Business
"Recovering Corporate Value to 1 Trillion Won Through the New Stablecoin Business"

Since President Lee Jaemyung took office, efforts to allow the issuance of stablecoins have accelerated. As the importance of stablecoins grows not only in Korea but also in the United States, InskoB has begun developing a next-generation local currency based on a Korean won stablecoin in partnership with blockchain company Parameta. InskoB CEO Yoo Insu stated, "We have launched a new business in response to the era of digital assets," adding, "We will build a platform for the use and management of stablecoin-based assets."

According to industry sources and InskoB on June 12, InskoB and Parameta are collaborating to develop a next-generation local currency that structurally overcomes the technical and administrative limitations of existing paper gift certificates and point-based local currencies.

The goal is to establish a new digital budget execution system using a stablecoin pegged to the value of the Korean won.

Parameta, the technology partner, is a company that has inherited the core technology of the global blockchain project ICON (ICX). After changing its name from ICONLOOP, the company has supplied various DID, smart contract, and authentication systems to public institutions and large enterprises. It is recognized as a company with the highest level of technical expertise in designing stablecoin systems linked to the real economy in Korea.

CEO Yoo stated, "We are entering the business of converting local currencies operated by local governments nationwide into a more transparent and efficient system," and added, "The local currency market, which is currently worth about 20 trillion to 25 trillion won annually, is expected to more than double in size." He continued, "This new business is not simply about issuing coins, but aims to establish digital infrastructure with public interest and practicality through collaboration with the government and local governments. Through this, we plan to expand into the private gift certificate sector and also fulfill a public role in preventing another 'second TMON or WEMAKEPRICE incident.'"

The companies plan to launch the official service in the second half of this year. InskoB aims to solidify its position as a leading company by being the first to commercialize a stablecoin-based platform in the local currency market.

CEO Yoo said, "As the founder of AfricaTV, I have accumulated numerous experiences of challenges and successes in the past," and added, "I am determined to make this project a success through collaboration with technically capable partners." He emphasized, "I am confident that InskoB's corporate value will recover to the days when its market capitalization exceeded 1 trillion won."

Discussions on introducing a Korean won stablecoin are active, especially in political circles. Expectations are rising as Kim Yongbeom, former First Vice Minister of Economy and Finance, who was recently active in the virtual asset industry, has been appointed as policy chief.

According to the Bank of Korea, in the first quarter of this year, the transaction volume of dollar-based stablecoins such as Tether (USDT) and USD Coin (USDC) on Korea's five major exchanges?Upbit, Bithumb, Korbit, Coinone, and Gopax?totaled 56.9537 trillion won. This is more than three times the 17.0598 trillion won recorded in the third quarter of last year.

The rapid increase in transaction volume demonstrates that stablecoins are a top priority for the global financial sector. On May 19, the U.S. Senate passed a stablecoin bill that strengthens issuance and collateral requirements and mandates compliance with anti-money laundering laws. This move acknowledges the value and potential of stablecoins. U.S. Treasury Secretary Scott Besant stated that the future market size of dollar-based stablecoins could expand to $2 trillion (about 2,740 trillion won). On June 11 (local time), Secretary Besant told the U.S. Senate Budget Subcommittee, "A $2 trillion market cap (as a future projection for stablecoins) is a very, very reasonable figure," adding, "I think it could go well beyond that."

As of the end of March, the market capitalization of stablecoins stood at $237.3 billion, nearly double that of a year earlier. The combined market capitalization of Tether (USDT) and USD Coin (USDC) is about $200 billion.