Stablecoin Delay Gives US Firm Head Start on Won Derivatives

South Korea's plans to formalize a framework for won-denominated stablecoins have stalled, allowing US-based crypto firm EDXM to launch blockchain-based won derivatives in the US as early as next month.

The move has sparked concern in Seoul that offshore blockchains are gaining an advantage over domestic ones. Stablecoin and Bitcoin prices were not mentioned in the source.

Wall Street-backed digital asset players, including EDXM, have been preparing to launch a won-linked derivatives product in the US since Korea hesitated on its stablecoin bill.