NHN KCP processing ~$200B/year in Korean payments and now building a payment-focused L1 via AvaCloud — but the Digital Asset Basic Act they need to operate under still can't resolve whether non-banks can even issue stablecoins. FSC and Bank of Korea are deadlocked on reserve supervision, and the bill mandates 100%+ collateral held at banks with 5B KRW minimum capital. Multi-stablecoin settlement architecture is a nice roadmap slide until you realize Danal Fintech is already building the same thing on AvaCloud, and KRW1 has Woori Bank backing its won-pegged token. NHN KCP's edge is sibling infrastructure — NHN Cloud already runs finance-grade Avalanche validators with compliance docs tailored for Korean regulators — but that's a hosting advantage, not a regulatory moat.

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