“Catch the stablecoin”… Blockchain technology competition is heating up in Korea too

With the passage of the U.S. stablecoin regulation bill, expectations for cryptocurrency institutionalization are growing, and business competition among blockchain technology companies in Korea is intensifying. These companies are entering the market through various methods, from direct issuance to payment network construction and technology-based subscription revenue models.

According to the industry on the 19th, DSRV Labs, which has focused on validator business receiving cryptocurrency as compensation for blockchain network operations, has recently fully entered the stablecoin business. On the 10th, they unveiled a payment application called 'Spike' and announced plans to issue a won-based stablecoin 'DKRW'.



DSRV's planned revenue model has three main axes. The first is transaction fees generated during payment and remittance processes using DKRW. They explain that they can set lower fees compared to existing card companies or payment gateway providers while still generating profit after excluding blockchain network usage fees (gas fees).

Another revenue source is interest income from depositing customer funds in banks. The more stablecoins issued, the more interest income increases for the issuing company. In fact, Tether, the issuer of USDT, the top stablecoin by market capitalization, uses interest income as its primary revenue source. Tether's net profit last year reached $13 billion (approximately 17.9153 trillion won). DSRV is also considering a subscription (SaaS) model where they provide stablecoin payment software to companies and charge usage fees. Initially, they plan to distribute it for free to expand the network and then transition to a paid model to generate revenue.

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