Richard Tung: "Discussing Stablecoin Collaboration with Korean Companies"

Richard Tung, CEO of Binance, the world's leading virtual asset exchange, announced that he is discussing stablecoin collaboration with a Korean company.

At the 'Binance Blockchain Study' held at the Golden Tower Building in Seodaemun-gu, Seoul on the 8th, CEO Tung said, "We are discussing cooperation with Korean companies in various fields, not just stablecoins," but added, "It is difficult to disclose it yet."



He highlighted Binance's strengths, saying, "For stablecoin issuers, leveraging our global network and vast user base allows them to rapidly scale their products." Binance is the world's leading virtual asset exchange with 290 million users, leading the industry with fast settlement speeds and low transaction costs.

CEO Tung evaluated stablecoins as "valuable in that they enable people who previously had difficulty accessing the existing financial system to make domestic payments and international remittances at a much lower cost." He added, "Global major banks and e-commerce companies are reviewing the issuance of stablecoins and are requesting collaboration with us."

Binance is already partnering with Circle, the issuer of the dollar-denominated stablecoin USDC, to expand the use of USDC on its platform. Furthermore, USD1, the stablecoin of World Liberty Financial (WLF), a virtual asset fund led by the Trump family and a topic of conversation, is also listed and trading on Binance.

Regarding the Korean virtual asset market, he praised it as "dynamic and sensitive to technological change," adding, "The Korean government's recent pro-virtual asset stance is a positive." He mentioned the Basic Digital Asset Act, which the government and financial authorities are currently pursuing, and said, "Once the laws and systems are established, we expect that institutional participation beyond individuals will intensify."

CEO Tung stated, "Clear regulations and institutional participation are essential for virtual assets to enter the mainstream market, and the trend in Korea is positive," adding, "We are ready to actively support stablecoin-related companies in Korea with abundant liquidity."

Meanwhile, CEO Teng stated that he "feels tremendous responsibility" regarding the GOPAX issue, but added that resolving it requires regulatory approval and approval from other shareholders. GOPAX operated a deposit service called "GoPay," which offered customers interest on their virtual assets, but suspended withdrawals in 2022. Binance, promising to resolve the situation, became GOPAX's largest shareholder, but stopped repaying the GoPay funds after financial authorities refused to process its report of executive changes.

Reporter Do Ye-ri