Stablecoins introduced to the cryptocurrency world in order to be a solution for price fluctuation. In fact, most of cryptocurrencies price are volatile. The volatility makes them not a suitable choice in order to use as medium of exchange. Stablecoins are pegged to a physical asset like fiat currency, gold or even to other cryptocurrencies. As a result, their price does not fluctuate like other cryptocurrencies. So, they are a suitable choice to use them for daily purchases to pay for goods or services. In the latest news, stablecoins are getting popular in South Korea.
People show attraction to the local blockchain-powered stablecoin
The population of one of the counties in South Korea show attraction to stablecoin. The population is mostly the elderly residents. The statistics showed that this old population interested in using the South Korean local stablecoin.
According to Wallebi, the county name is Buyeo and it’s located in the rural area of Chungcheong in South Korea. The population of this county show attraction to a local-powered stablcoin. The mentioned stable coin is working since 2019.
Recently, a report published by Donga shows that most of the county’s population are elderly residents. In addition, Census data show that this county’s population is approximately 75000 people.
It was in 2019 that the county created its own token, “Goodtrae Pay”. This token creation cost around $267000.
Stablecoins Are Getting Popular In South Korea in order to increase contactless payments
Recently Press Time published its data. Data show around $48.5 million token used in order to enhance the adoption of contactless payments. The project aimed to make people who even don’t own smart phone be able to use the services. For this purpose, they use a Near-field-communication (NFC) based smart card.
Statistics show that over 54% of the Buyeo population downloaded the mobile app or used smart card to make payments with Goodtrae Pay. Interestingly, over 8% of the tokens, which received by local businesses still did not cash out to fiat.