Fireblocks CEO Says South Korea Is at Stablecoin Inflection Point

According to Yonhap, Fireblocks Chief Executive Officer Michael Shaulov said South Korea’s technology ecosystem puts it in a strong position for the next stage of financial systems and that the country is moving through a stablecoin inflection point faster than other Asia-Pacific markets. He said the digital asset infrastructure provider wants to serve the Korean market and noted that Fireblocks is working with major Korean financial players including NongHyup Bank and Shinhan Bank.

Shaulov said crypto penetration is already high among South Korean consumers and retail users, while institutional participation is now beginning to change. He said Fireblocks hired a local team in South Korea late last year after previously covering the market from Singapore, and added that the company supports more than 2,400 organizations globally, including over 100 banks. Fireblocks said stablecoins accounted for more than 65 percent of value transferred across its network over the past 12 months. Shaulov also said South Korea’s plan to create stablecoins pegged to the Korean won could open new opportunities for local businesses, including faster cross-border settlement and programmable payments. Fireblocks plans to add about 400 to 600 clients and lift transaction volume to as much as US$7 trillion by year-end.