South Korean cryptocurrency exchange Upbit is working with payments company Naver Pay to promote a won (KRW) stablecoin initiative, KBS reported, citing an unidentified official from Dunamu, Upbit's parent company.

The two companies are pursing a payments business based on the stablecoin, the official said, although details remain sparse. A stablecoin is a crypto token whose value is pegged to a real-life asset such as the dollar or gold.

"We will specify the scope and methods of cooperation as soon as the relevant system is established," the official told KBS.

Korea's crypto-friendly president, elected at the beginning of June, has said he supports a "won-based stablecoin market," a stance that earlier this week spurred the Bank of Korea to halt plans to roll out a central bank digital currency (CBDC).

A KRW stablecoin is likely to be an important event for local crypto traders, who have grappled with restrictions around moving KRW in and out of the country. That's led to a large spread and arbitrage opportunities, the trade that pocketed FTX founder Sam Bankman Fried his first notable wealth.

The spread between South Korean and U.S. exchanges has often been labeled as the "kimchi premium." The roll out of a KRW stablecoin, as long as it is tradable on-chain, would mean that traders can simply swap that stablecoin for USDT or USDC, bypassing fiat restrictions in the region and essentially ironing out any significant spreads in price.

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