RWA.xyz has stablecoins at about $295.6B, with USDT and USDC still around $271B of that, so a KRW coin is fighting dollar network effects before it fights other Korean issuers. The Bank of Korea's bank-only preference is the chokepoint: deposit-token wrappers inside KB/Shinhan/Hana rails would be clean but boring, while a license path for Kakao, Naver Pay, Toss, Upbit/Bithumb-style distribution could turn Korea's retail liquidity premium into actual settlement collateral. Watch whether these assets get DeFi-grade portability and RWA redemption hooks, or just another permissioned wallet balance with a blockchain logo.

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