South Korea takes a big step towards overseeing Stablecoin and developing digital currency. According to July 29 a report From Yonhap News, Korea Bank has announced the installation of a new virtual asset section within the Financial Settlement Office. The newly formed section will monitor the broader encryption market and internal discussions, which specifically focused on the development and organization of the Korean Stablecoins.
As part of a broader organizational transformation, the Central Bank will restore digital currency research laboratory to the digital currency laboratory starting from July 31. This change aims to reflect the transition from pure research to more orientation towards business. In addition, team 1 and team 2 of the previous digital currency technology will be restructured to two new units: the digital currency technology team and the infrastructure team of the digital currency. These teams will focus on privacy conservation techniques, deposit platforms, and testing codes for the use of Stablecoin.
This reorganization indicates the growing commitment of South Korea to lead in Digital currency innovation. With Stablecoins and Central Bank of Central Currencies (CBDCS) gained global momentum, the Bank of Korea appears to be in line with its internal infrastructure for a more practical role in the future of money.
Korea Bank refers to a stronger commitment to the development of Stablecoin despite the delay of the test
Korea Bank official recently Explained The purpose of rename the digital currency research laboratory to the digital currency laboratory, saying: “We wanted to make it clear that this is not a section not only research, as there is no other section that uses the word” research “in its name other than the Institute of Economic Research.” The change emphasizes the central bank’s intention to align the unit with wider operational and policy -based responsibilities. However, the official also noted, “There will be no significant change in the original work.”
The digital currency laboratory, which developed from the Research Department earlier this year, is still at the forefront of South Korea’s digital currency initiatives (CBDC). One of his main projects is “Project Han River”, a long -term initiative designed to test the realistic use in the real world for digital victory. The first stage of the test ended successfully at the end of last month, but the second stage was suspended. This delay stems from the concerns raised by the participating banks due to the lack of a long -term road map and the financial burden of continuous participation.
Despite the temporary comment, Korea Governor Lee Chang Young Assure During a press conference on July 10, the project Han River aims to “present Stablecoin safely.” He added: “Whether it is a winning or a deposit code, a digital currency is needed in the future.”
This enhances the main trend in global financing: accelerated adoption by Stablecoins behind the United States. The sophisticated South Korea framework highlights the increasing importance of Stablecoin National Initiatives, especially as the two countries seek to update payment systems and maintain sovereignty on digital financial infrastructure.
USDT and USDC approaching 6 %
The joint domination of USDT and USDC is currently 5.96 %, according to the weekly graph, which reflects a relatively neutral position in the location of Stablecoin Capital. After the peak to the top of 18 % in early 2022-after a period of severe morale in the risk-the scale was a gradual decrease, indicating the transformation of capital from stablecoins and a return to the origins of danger.
The graph shows that the USDT+USDC dominance has been constantly struggled to keep it over 50 weeks (6.57 %), 100 weeks (6.93 %) and 200 weeks (8.38 %). The latest procedures for the resistance price are confirmed near these levels, as dominance now tests its support in the middle of the session around the threshold of 6 %.
This landmark usually indicates an increased appetite for risk, as the capital revolves from Stablecoins and to volatile assets such as BTC, ETH and Altcoins. However, the fact that dominance has not been broken less than 5 % reflects a cautious market that still maintains a strong base of comfortable capital.
Distinctive image from Dall-E, the tradingView graph
Editing process For Bitcoinist, it is focused on providing accurate, accurate and non -biased content. We support strict resource standards, and each page is subject to a diligent review by our team of senior technology experts and experienced editors. This process guarantees the integrity of our content, importance and value of our readers.
