South Korea has long played a very specific role in the global crypto ecosystem.

In the 2017 and 2021 cycles, the country became one of crypto’s most important retail markets. Korean exchanges could move meaningful volume; local investors had an appetite for new tokens; and listings on its largest exchanges, Upbit and Bithumb, became major milestones for projects seeking liquidity, holders, and market awareness.

That retail market is quieter now, but a more structural shift is underway. Some of Korea’s largest financial institutions and internet platforms are using this window to build on the country’s retail foundation — a push for institutional infrastructure driven by two trends, in particular: stablecoins and real-world…