Analysis: The practicality of the Korean won stablecoin may be questionable due to restrictions on its "onshore" policy According to BlockBeats, on August 14th, the Bank of Korea abandoned its central bank digital currency pilot and turned to private sector issuance of stablecoins, prompting fintech companies and banks to accelerate their layout. 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 the long-term restrictions of "onshore" rules on Korean won trading, foreign institutions are unable to directly exchange Korean won overseas. Korean won stablecoins can only be used for KYC addresses with connections to South Korea, which hinders cross-border settlement purposes. Analysis suggests that this token lacks payment efficiency advantages in the local instant and free transfer system, and its main applications may be limited to domestic scenarios.