South Korean fintech company Toss is partnering with Optimism and Sunnyside Labs to explore stablecoins in the Korean won.
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South Korean listed company K Wave Media liquidates 88 BTC to repay $6 million in debt.
Odaily Odaily reports | _2024111120230_ | An article published on the X platform states that South Korean listed company K Wave Media (KWM) has sold all of its remaining 88 BTC to repay $6 million in debt, and currently holds a total of 0 BTC.
KT, a South Korean telecommunications company, plans to invest 18 trillion won to advance its Token Factory and stablecoin businesses.
According to a report by Digital Daily, South Korean telecom operator KT announced that it will invest approximately 18 trillion won over the next three years, with 12 trillion won allocated to information security, IT, and networks, and 6 trillion won to AI infrastructure, while also advancing its Token Factory and stablecoin businesses. KT plans to combine its 1GW-scale AI data center, token optimization engine, and billing and settlement capabilities to create a Token Factory that supports token generation, intermediation, and billing. Simultaneously, it intends to enter the stablecoin digital financial platform market, leveraging K Bank's 16 million customers, BC Card's 3.5 million merchants, and KT's network and security infrastructure to cover the entire ecosystem from issuance and custody to settlement and actual use.
Rebellions, a South Korean AI chip startup backed by Samsung Electronics, plans to IPO in South Korea next year.
According to reports, Sunghyun Park, CEO of Rebellions, a South Korean AI chip startup backed by Samsung Electronics, stated that the company plans to IPO in South Korea in the first or second quarter of next year. Park said that Rebellions has already begun generating actual revenue, "and for this reason, we are working with the underwriting teams at JPMorgan Chase and Samsung Securities to prepare for the IPO." (Jiemian)
OUSD claims that over 140 companies participated, but several South Korean companies, including Samsung Electronics, stated that they had not formally negotiated with the issuer.
BlockBeats reported on July 3 that Open Standard, a global stablecoin consortium, recently announced the launch of its USD stablecoin, OpenUSD (OUSD), with over 140 global financial and payment companies, including Visa, Mastercard, BlackRock, Samsung Electronics, and Dunamu, participating. The token is planned for launch within the year. However, several South Korean companies stated that they have not had formal negotiations with the OUSD issuer. A Samsung Electronics representative stated, "There have been no formal negotiations, and we don't know what role we will play in the consortium." Shinhan Financial Group, Dunamu, and K Bank also stated that Open Standard inquired about their interest in participating, and the companies only responded that they could conduct a simple evaluation, but their names were subsequently added to the consortium's member list. One company representative stated that they only learned of their company's inclusion in the OUSD consortium through the news, and "they only gave a perfunctory reply to Open Standard's inquiry about their participation, saying they would consider it if things went smoothly," adding that they were confused about being included on the member list. OUSD adopts an open infrastructure model, aiming to be jointly operated by companies that actually provide payment, remittance, and settlement services. According to the introduction, participating companies can mint 1 OUSD after depositing $1 into the Open Standard reserve account; after returning 1 OUSD, they can redeem $1 from the reserve account. OUSD alliance participants can mint and redeem OUSD without fees or restrictions, and the plan is to distribute the proceeds from reserve utilization to network participants after deducting a small management fee. (ChosunBiz)
Concerns about AI computing power leasing triggered a sharp drop in South Korean stocks, while SK Hynix contract trading remained active on the Gate.com platform.
According to Mars Finance, Meta CEO Mark Zuckerberg's revelation that the company is considering leasing its surplus AI computing power has sparked market concerns about a shift from buying to leasing AI infrastructure. This has led to a sharp drop in South Korean semiconductor giants, including SK Hynix, and the South Korean stock market (KOSPI). Gate platform data shows that SK Hynix (SKHYNIX) is currently trading at $1,538.3, having fallen nearly 10% at one point during the day. The stock market volatility has boosted trading activity in related contracts. According to CoinGlass data, Gate's SK Hynix (SKHYNIX) contract open interest exceeds $26.29 million, and 24-hour contract trading volume exceeds $34.41 million, both ranking among the top in the industry.
The South Korean government denies plans to establish a think tank to "share" huge profits from chip manufacturers.
BlockBeats reported on July 1st that, according to Yonhap News Agency, South Korea's Ministry of Trade, Industry and Energy issued a statement today formally denying rumors circulating online that the government plans to establish a new think tank to capitalize on the enormous profits of chip manufacturers. The statement said, "The rumors circulating online that Seoul has sent letters to Samsung Electronics and SK Hynix regarding the proposed establishment of a government-led profit-sharing think tank are completely false. We will take strict measures against those who maliciously spread such misleading information and refer them to investigative authorities." This rumor comes against the backdrop of rising domestic debate over how to utilize the resulting additional tax revenue to support long-term growth, as the AI boom has driven record profits for South Korean chip manufacturers. Last month, South Korean President Lee Jae-myung, in an interview with The Economist, proposed a universal basic income subsidy, stating that "a portion of the excess profits could be distributed to the general public," referring to the recent debate over how to share the chip manufacturers' exorbitant profits. The presidential office subsequently explained that the remarks were not directed at any specific company, but rather referred to the challenges South Korea must ultimately face in its AI transformation. Samsung Electronics and SK Hynix, as the dominant players in the global HBM (High-Bandwidth Memory) market, have seen their profits soar during this AI supercycle, and the social distribution of their enormous capital returns is increasingly coming into the policy discussion arena. According to Bitget market data, the South Korean KOSPI index closed down 2.04%, SK Hynix fell 3.4%, and Samsung Electronics fell 5.84%.