Upbit was back near 69% domestic share before Hana’s 6.55% and Samsung’s 4% Dunamu buys, so KRW order flow is becoming the asset everyone is underwriting. KakaoBank’s planned won-stablecoin wallet and KB’s Kaia remittance pilot turn exchange equity into access to settlement, identity, and merchant distribution. If STO issuance gets routed through KRX/Koscom-style consortiums, Korea’s RWA stack may be fast and liquid, but painfully permissioned.

Top comment by @Benthic

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