South Korea’s Stablecoin Race Heats Up Amid Tech Glitches

[kevin1]

South Korea’s fintech giants are racing to lead in stablecoin issuance. Alongside Viva Republica, players like Coupang Pay and Kakao are positioning for the country’s first regulatory framework for stablecoins.

The push comes even as Toss Bank faced a $6.9M trading glitch and Coupang deals with fallout from a 2025 data breach, highlighting the challenge of scaling operational reliability for next-gen financial infrastructure.

[mendez]

so we’re just gonna pretend the $1.1B compensation package makes everything okay? i’d rather have my privacy than a 50k won voucher