Nexus “We will issue the first won stablecoin”

Domestic game company Nexus has declared that it will become the first won-based stablecoin issuer.

In an interview with Seoul Economic Newspaper on the 22nd, Jang Hyun-guk, CEO of Nexus, stated, "Our goal is to be the first in Korea to issue a won-based stablecoin." He plans to launch the won-based stablecoin 'KRWx' immediately upon the implementation of the 'Digital Asset Basic Law', which allows private companies to issue fiat currency-based stablecoins, and secure market leadership.



The CEO stated, "While dollar-based stablecoins like Tether (USDT) and USDC already dominate the market, there's no leader in the won-based market yet. We don't know which companies might enter, but we're boldly ready to take the initiative."

Nexus plans to sequentially issue stablecoins linked to major fiat currencies such as the Korean won, US dollar, Japanese yen, and Hong Kong dollar through local subsidiaries. The CEO explained that this stablecoin issuance is a new business separate from their existing blockchain game business, and won't affect the utility of their game tokens. He added that they plan to expand into a versatile stablecoin service supporting payment and remittance.

However, some are concerned, recalling the de-pegging incident of WEMIX$ that he led during his time at Wemade. He responded, "I understand the de-pegging occurred after I was removed from the task. It seems the project wasn't managed as originally planned. Unlike WEMIX$, which was USDC-based, the new stablecoin will be 100% backed by fiat currency, making structural de-pegging impossible."

Reporter Kim Jung-woo