Securities related to stablecoins are weak during trading on the 30th. This is interpreted as the impact of the Central Bank's decision to temporarily suspend the second test of the Central Bank digital currency (CBDC) experiment 'Project Han River' it was pursuing.
Kakao Pay's stock traded at 76,300 won at 9:32 a.m. on the KOSPI market on the 30th. This marks a decrease of 9.26% (7,800 won) from the previous trading day. At the same time, LG CNS's stock price recorded 75,400 won, down 10.77% (9,100 won).
In addition, stocks related to stablecoins such as ME2ON, Dozn, and Hecto Financial are also all showing weakness.
Stocks related to stablecoins had seen a sharp rise in prices due to business expectations until now. However, as uncertainty increased in this situation, it appears that many investors have begun to realize profits.
The Central Bank has decided to temporarily suspend the second test of Project Han River, originally scheduled for the end of this year. It plans to continue discussions while monitoring the processing of the won-based stablecoin bill.
The Central Bank has been conducting the first test of Project Han River with seven banks since April. It had planned to conduct a second test that would include additional features like person-to-person transactions and expansion of merchants. However, as participating banks have expressed concerns about the high expense burden without a specific commercialization plan, the project's progress has become uncertain. Instead, banks are expected to focus individually on issuing stablecoins.
☞CBDC and stablecoins
CBDC is a digital currency issued by the Central Bank. It is legal tender like the Korean won or the U.S. dollar but does not produce physical currency like paper money or coins. A stablecoin is a virtual asset designed to have a value linked to a specific fiat currency.
Both CBDC and stablecoins share the common characteristic of being digital assets, but CBDC has a centralized structure where the government and the Central Bank control the issuance, distribution, and supervision. In contrast, stablecoins have a blockchain-based decentralized structure. In terms of stability, CBDC is considered superior, while in terms of usability, stablecoins are regarded as relatively more advanced.