Update on KRW Stablecoin: FACTS & THOUGHTS — Part 2
If you missed Part 1, scroll down to the previous post at the bottom
1. Korean Exchanges Are Finally Making Bold Moves
One of my long-standing criticisms has been that Korean exchanges are too conservative and hesitant to invest meaningfully in the local crypto ecosystem. That may be starting to change.
Bithumb Exchange recently announced a KRW stablecoin competition with a prize pool of KRW 300 billion (~$22 million USD). This kind of capital and opportunity has the power to attract fresh talent and renewed attention — exactly what Korea’s stagnant crypto scene needs. I deeply respect this initiative.
IMHO even more surprising is Upbit, Korea’s largest exchange by far, recently launching USDT on Aptos and USDC on Solana — a bold move for an exchange known for its cautious approach. This not only signals a shift in regulatory sentiment, but also suggests that Upbit is actively preparing for the coming KRW stablecoin era.
2. Korea Will Follow Circle’s ($CRCL) Lead
At the moment, Korean exchanges, builders, and investors are spreading their bets due to uncertainty around how KRW stablecoin regulations will take shape. That’s expected in an early-stage race.
However, if history is any guide, Korea rarely leads on regulation. Instead, it looks to established global frameworks for precedent — and Circle is currently the most credible model. Circle is NYSE-listed, SEC-reviewed, and MiCA-compliant. That makes USDC more favorable in the eyes of Korean regulators compared to USDT, which is not MiCA-compliant (at least not yet). It’s likely Korea will view Circle’s choice of Layer 1s and partners as a vetted, safe template to emulate.
3. Domestic Players Will Lead KRW Stablecoin Issuance
Since the 1997 Asian Financial Crisis, Korea has maintained strict capital controls. This means the government will only permit domestic entities to issue and operate KRW stablecoins. Foreign-headquartered companies will likely be excluded, while Korean banks, locally licensed VASPs (Virtual Asset Service Providers), and local well-capitalized technology vendors will be front and center.
CONCLUSION:
The momentum is real, but the path is still unfolding. Korea’s KRW stablecoin race is heating up — and the players, frameworks, and partners involved today will shape its outcome tomorrow.
If you found this useful, pls ❤️ + 🔄 + FOLLOW for more updates.
Min 🥤
Here are the FACTS and my THOUGHTS on the KRW Stablecoin:
1. Political Promises vs. Reality
Korea has seen “pro-crypto” presidents before — yet nothing meaningful came of it. Will this new administration be different? Personally, I’m skeptical. Korean politicians don’t exactly have a strong track record when it comes to delivering on innovation.
2. Regulatory Momentum Is Real
It’s true that the current administration is moving quickly on KRW stablecoin regulation. The momentum is strong, fueled further by Circle’s ($CRCL) IPO, which has reignited interest in the stablecoin sector. Banks, tech giants, and startups are all jockeying for position — evident in moves like Parameta’s partnership with Inscobee. Right now, KRW stablecoin is the hottest topic in Korea.
3. Too Many Cooks in the Kitchen?
We’re likely to see multiple KRW stablecoin issuers competing. The largest banks have already formed a consortium to explore opportunities. But with so many players and agendas, real progress could be slow. The hype is here — the execution remains to be seen.
4. Limited Market, Limited Winners
Let’s be honest — KRW is not a global currency, and it’s not even among the top 10 most-traded. The market likely isn’t big enough to support multiple winners. It’s possible only one will break through — or none at all.
5. Multi-Chain or Bust
This part is non-negotiable: the winning KRW stablecoin must be multi-chain. It won’t survive if it’s tied to a single Layer 1. But that also means a lower market cap stablecoin will have to be spread thin across several ecosystems.
So, what does this mean for SODAX?
This is where $SODA and SODAX shine.
We’re already multi-chain — or more accurately, chain-agnostic. SODAX sits above the base layers as the execution and routing layer — integrating with all major chains, not competing with them. So regardless of which chain a KRW stablecoin runs on, SODAX benefits.
That’s the power of being the middle layer — we don’t bet on winners; we connect them.
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Min 🥤
Here are the FACTS and my THOUGHTS on the KRW Stablecoin:
1. Political Promises vs. Reality
Korea has seen “pro-crypto” presidents before — yet nothing meaningful came of it. Will this new administration be different? Personally, I’m skeptical. Korean politicians don’t exactly have a strong track record when it comes to delivering on innovation.
2. Regulatory Momentum Is Real
It’s true that the current administration is moving quickly on KRW stablecoin regulation. The momentum is strong, fueled further by Circle’s ($CRCL) IPO, which has reignited interest in the stablecoin sector. Banks, tech giants, and startups are all jockeying for position — evident in moves like Parameta’s partnership with Inscobee. Right now, KRW stablecoin is the hottest topic in Korea.
3. Too Many Cooks in the Kitchen?
We’re likely to see multiple KRW stablecoin issuers competing. The largest banks have already formed a consortium to explore opportunities. But with so many players and agendas, real progress could be slow. The hype is here — the execution remains to be seen.
4. Limited Market, Limited Winners
Let’s be honest — KRW is not a global currency, and it’s not even among the top 10 most-traded. The market likely isn’t big enough to support multiple winners. It’s possible only one will break through — or none at all.
5. Multi-Chain or Bust
This part is non-negotiable: the winning KRW stablecoin must be multi-chain. It won’t survive if it’s tied to a single Layer 1. But that also means a lower market cap stablecoin will have to be spread thin across several ecosystems.
So, what does this mean for SODAX?
This is where $SODA and SODAX shine.
We’re already multi-chain — or more accurately, chain-agnostic. SODAX sits above the base layers as the execution and routing layer — integrating with all major chains, not competing with them. So regardless of which chain a KRW stablecoin runs on, SODAX benefits.
That’s the power of being the middle layer — we don’t bet on winners; we connect them.
Marc ⚡️ 10X
🇰🇷 Korea’s Stablecoin Greenlight could be a Game-Changer for $SODA 👀
South Korea just made a historic move: it’s now allowing private companies to issue Korean won–pegged stablecoins under a regulated framework.
While this sounds like another piece of global stablecoin news, it’s actually a major tailwind for a lean, emerging DeFi protocol: SODAX (formerly ICON).
Let’s break down why this matters and why $SODA could be a key beneficiary. 🚀
The Stablecoin Context
In Q1 2025, Korea saw nearly ₩57 trillion (~$41B) flow out of domestic exchanges, mostly via USDT and USDC.
That’s a clear problem for regulators and builders alike: value is flowing out, and Korean users have no native, trusted digital won to transact within the crypto economy.
Now, that’s changing.
Parameta, a Korean Web3 infrastructure firm deeply linked to ICON/SODAX, is collaborating with Inscobee (a KOSDAQ-listed firm) to issue a won-pegged stablecoin under Korea’s new Digital Asset Basic Act.
Why It Matters for SODAX
SODAX isn’t a Layer-1 anymore. It’s evolved into a DeFi product stack - a modular, cross-chain platform offering swaps, lending, and liquidity routing. It runs on top of Sonic.
And stablecoins are its fuel.
As the Korean stablecoin becomes active, DeFi demand will shift toward yield, trading, and borrowing/lending options using the won.
That’s exactly where SODAX shines:
Its DEXs (like Balanced) can offer liquid trading pairs
Its lending protocols can accept the stablecoin as collateral
Its intent-based swap router will route capital efficiently across chains
All of this drives real on-chain usage and fees.
The $SODA Token Flywheel
Here’s the kicker:
SODAX isn’t just a DeFi platform. It’s also a fee-sharing protocol with a deflationary token ($SODA), capped at 1.5 billion supply.
With SODAX built on Sonic, up to 90% of all transaction fees are returned to protocol users and token holders.
So as stablecoin adoption grows:
More trades, more swaps, more lending
More volume across SODAX 🔥
More fee revenue for $SODA holders
It’s a direct value capture model. And the more institutional and retail usage this stablecoin sees, the stronger the economic engine of $SODA becomes.
Regulatory Tailwind + Market-Ready Infrastructure
Unlike most DeFi ecosystems still navigating uncertain regulatory terrain, SODAX is aligned with Korea’s next-gen crypto framework. Parameta is well positioned to gain approval.
So we have:
🔸️ A trusted issuer of the stablecoin
🔸️ A compliant DeFi infrastructure to use it
🔸️ A fee-sharing token that benefits directly from growth
This combination is rare and powerful.
What Comes Next 🤓
As the Korean stablecoin infrastructure rolls out, SODAX has the potential to become the liquidity layer of Korea’s digital won economy.
It wouldn't just be another DeFi protocol; it could become the core financial routing layer for the country’s on-chain capital flows.
If this unfolds as I speculate, $SODA becomes one of the few crypto tokens with:
✅ Real-world regulatory alignment
✅ Clear product-market fit
✅ Direct revenue participation
✅ Capped supply and deflationary design
$ICX #SODAX $SODA #ICON #Stablecoins
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📕 "InskoBee & Parameta Begin Development of KRW-Backed Stablecoin for Local Currency"
✅ The project is based on a joint development agreement and is being positioned as a proactive investment aligned with the government’s digital transformation policies.
Through this collaboration, the two companies aim to replace the technical and administrative limitations of traditional paper vouchers and point-based local currencies with a new digital budget execution system based on a KRW-pegged stablecoin.
💬 InskoBee's stock price is currently rising due to the news of its involvement in stablecoin-based local currency development. Parameta is the new name of the company formerly known as ICONLOOP.
However, it’s worth noting that the announcement of the “InskoBee–Parameta KRW-based stablecoin” was already made two weeks ago ( So it's a bit unclear how directly related this development is to Parameta's post name-change.
Still, this news could be used as a trading catalyst, so sharing it here for informational purposes.
#국내 #ICX
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Coinact- Crypto Extreme Funding Rates Switch
$ICX aggregated funding rate reached -0.0093619% per hour on Binance futures, Bitget futures.
That is -0.22469% per day.💰🔴️
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ICON price performance in USD
The current price of ICON is $0.11824. Over the last 24 hours, ICON has decreased by -1.15%. It currently has a circulating supply of 1,067,866,299 ICX and a maximum supply of 1,081,965,268 ICX, giving it a fully diluted market cap of $126.02M. At present, ICON holds the 137 position in market cap rankings. The ICON/USD price is updated in real-time.
The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates ("OKX") are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
The absence of interoperability in the blockchain and crypto space has been a significant obstacle for the market, hindering mass adoption and limiting functionality. To address this issue, various solutions have emerged, and ICON (ICX) is one such project aiming to provide a solution.
What is ICON?
ICON is an open-source programmable blockchain data aggregator that aims to "hyper-connect the world." Its vision is to create one of the largest decentralized networks in the industry, redefining communities and establishing a seamless interconnected ecosystem.
The project's core goal is to build a framework that allows independent chains, each with its governance structure, to interact and transact without intermediaries. ICON envisions a new era of technology where different blockchain communities can collaborate and exchange value effortlessly.
The ICON team
The ICON team comprises several organizations, with the ICON Foundation playing a central role in development and launch. The project's creation is attributed to ICONLOOP, a well-known Web3 transition company. Additionally, the project was incubated by DAYLI Financial Group, founded by Min Kim, a South Korean entrepreneur.
In addition to these organizations, the ICON team comprises experts from diverse fields, including technology, blockchain, cryptocurrency, sales, and legal expertise.
How does ICON work?
ICON operates on its custom-made blockchain called Nexus, designed to provide higher transaction throughput and interoperability. The project leverages Loopcoin, an innovative technology that acts as an intermediary between networks, eliminating the need for third-party intermediaries.
The key strategy of ICON is the Blockchain Transaction Protocol (BTP), which governs the interaction between independent networks within the ICON ecosystem. Although not entirely new, ICON has revitalized and operationalized BTP as the project's core feature.
The implementation of BTP holds significant advantages for ICON and the blockchain industry as a whole. It enables seamless connections between blockchains that support smart contracts, facilitating the exchange of valuable information and assets across multiple networks. As a result, developers can save time and resources while users gain the ability to build and launch decentralized applications (DApps) on the ICON platform.
ICX: ICON’s native token
ICX is the native token of the ICON project, serving as a utility token for seamless exchange between networks. It operates as a cryptocurrency available for purchase and trading on various centralized exchanges. With its ability to process thousands of transactions per second (TPS), ICX plays a crucial role in the efficiency of the network. ICX offers staking opportunities, allowing users to participate in the network's security and governance.
ICX tokenomics
ICX tokenomics involve a maximum supply of 970.4 million ICX and a circulating supply of 959.8 million ICX. As the project's native token, ICX plays a crucial role in powering the network and facilitating the exchange of assets across the ICON ecosystem.
ICX use cases
ICX is a third-party currency facilitating the exchange of assets and information between different networks within the ICON ecosystem. Additionally, it is a tradable cryptocurrency available on various crypto trading platforms like OKX. Moreover, ICX acts as a payment settlement tool, ensuring faster transaction speeds for users on the ICON network.
Distribution of ICX
ICX is distributed as follows:
Fifty percent was sold during ICON's token sale.
Seventeen percent is kept as the ICON reserve.
Thirteen percent is managed by the ICON Foundation.
Ten percent is allocated for community growth and strategic partners.
Ten percent is allotted to team advisors and early contributors
What does the future hold for ICON?
As ICON pursues its roadmap goals, the team aims to introduce new features, enhancing its genuinely decentralized platform of interconnected networks. They are also working on improving the functionality of the ICX token, with a focus on enabling faster transactions per second.
In a rapidly expanding crypto space, the demand for interoperability between diverse blockchains grows. ICON's commitment to facilitating this objective positions them to play a significant role in advancing the blockchain industry.
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Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 10K new posts about ICON, driven by 6.1K contributors, and total online engagement reached 157M social interactions. The sentiment score for ICON currently stands at 92%. Compared to all cryptocurrencies, post volume for ICON currently ranks at --. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of ICON.
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9,984
Contributors
6,061
Interactions
157,237,083
Sentiment
92%
Volume rank
--
X
Posts
1,029
Interactions
8,466,047
Sentiment
79%
ICON FAQ
How much is 1 ICON worth today?
Currently, one ICON is worth $0.11824. For answers and insight into ICON's price action, you're in the right place. Explore the latest ICON charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as ICON, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as ICON have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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