XRP is singled out as a virtual asset that is especially loved by Korean investors. In Korea, it goes back and forth between No. 2 and No. 3 in virtual asset market capitalization. Because of this, Ripple Labs, an affiliate that uses XRP, has recently taken a strong interest in Korea. Ripple Labs last month appointed a person in charge of the Korean market and is meeting with various domestic corporations to discuss cooperation, and on 21st it also held Asia's largest XRP conference, "XRP Seoul 2025," at the COEX Auditorium in Seoul.
Markus Infanger, senior vice president of RippleX, who visited Korea as a conference speaker, assessed the Korean virtual asset market by saying it has a high understanding of technology and advanced infrastructure. RippleX is a subsidiary enterprise that builds Ripple Labs' digital asset infrastructure. In Korea, XRP and Ripple are being used interchangeably, but to be precise, XRP is a virtual asset used on the XRP mainnet, and Ripple Labs provides global payment solutions based on XRP.
Senior Vice President Infanger oversees the development of the XRP ecosystem and the expansion of the digital asset market. Having led global foreign exchange finance businesses for more than 20 years at leading global financial corporations such as Credit Suisse and Goldman Sachs, he predicted that stablecoins will serve as a bridge linking traditional finance and decentralized finance (De-Fi), and will form a mutually complementary ecosystem with central bank digital currency (CBDC) rather than competing with it.
He also highly evaluated Korea's trade-centered economy and its potential for digital finance innovation, and explained that, based on these facts, expanding the institutional market and innovating financial infrastructure through RippleX's RLUSD stablecoin would help the Korean economy. The following is a Q&A with Senior Vice President Infanger, whom we met on 20th in Gangnam-gu, Seoul.
―What role do stablecoins play, and what is their outlook, from Ripple Labs' perspective?
"A stablecoin is not just a digital token but a bridge connecting traditional finance and decentralized finance. It serves as borderless digital cash and makes payments fast, transparent, and inexpensive. In trade-centered countries like Korea, the advantage is that settlement times can be shortened from days to seconds. It is the foundation for new financial products such as tokenized funds, collateral, and cash management.
The stablecoin RLUSD launched by Ripple Labs is a dollar-based stablecoin for corporations. Targeting institutional investors and the global payments market, it is expected to become a fast and low-cost means for corporations' cross-border remittances and payments."
―What kind of financial innovation will stablecoins bring?
"Fast movement of funds, cost efficiency, and process transparency. This makes it possible to overcome the limitations of the existing financial system. It dramatically reduces foreign exchange and settlement times and smoothly handles global trade and remittances worth trillions of dollars. It is also financial product innovation through asset tokenization. Just as Robinhood tokenized stocks and exchange-traded funds (ETFs) to enable fractional and 24/7 trading, many institutions around the world are preparing for the era of tokenized assets."
―What is the relationship between stablecoins and CBDCs?
"Stablecoins and CBDCs are complementary, not competitive. CBDCs are based on trust in public money, while stablecoins drive private innovation through networks and global connectivity. As the Bank of Korea conducts a CBDC pilot project, the future is likely to be a hybrid model in which the Central Bank provides the foundation of the virtual asset payment network and private issuers build applications and global connectivity on top of it.
This is an expansion, not a competition for monetary sovereignty among countries. The ability to use currency across borders is state power. A won stablecoin can strengthen demand for the won, lower funding expenses, and expand the influence of the won's monetary policy. In other words, the more people use the won, the stronger Korea's global standing becomes, and a won stablecoin can play that role."
―Would there really be demand for a won stablecoin?
"Of course, at this point, dollar-based stablecoins are at the center worldwide. But what we have confirmed in the XRP ecosystem is that non-dollar-based stablecoins are also showing strong momentum. For example, Banca Brasil, an innovative financial institution in Brazil, issued the Brazil real-based stablecoin BBRL on the XRP network, and $1 billion (about 1.3 trillion won) worth of settlements were made during the third quarter this year. This proves that non-dollar-based stablecoins clearly have practicality."
―What is RLUSD, and how can it be used in the Korean market?
"RLUSD is a stablecoin designed to comply with regulations so institutions can use it with confidence. It acts as a catalyst to promote institutional adoption of digital assets, prioritizing transparency and reliability. The dollar plays an important role in Korea's economy. RLUSD makes it possible to use the same dollar instantly via blockchain, and it can be used for cross-border payments, hedging (risk avoidance), and as collateral. Think of it as a medium for using the dollar as a digital asset."
―What is needed for global stablecoins like RLUSD to be practically used in Korea?
"The most urgent need is regulatory clarity. The Digital Asset Basic Act that Korea introduced is a good starting point, but clear rules are needed so institutions can understand how to issue, hold, and use stablecoins. More rules are needed on issuance, custody, and transfers. In addition, the linkage of domestic financial infrastructure with global chains is necessary. The Bank of Korea and payment processing institutions need to be directly connected. Institutional demand is also needed, including exporters that want to reduce foreign exchange expenses."
―How do you view the future of Korea's virtual asset market?
"Korea is a trade-centered economy and one of the world's largest virtual asset trading markets. Korea's regulators also value the safety and transparency of digital assets. Ripple Labs believes Korea has the potential to lead global standards as a testbed for digital finance innovation. For this reason, Ripple Labs is seeking cooperation with Korean financial institutions.
Ripple Labs has already met with several banks in Korea, and the banks are showing active interest. It is especially encouraging that as Korea's regulatory environment becomes more concrete, there are more questions about specific implementation plans rather than whether to participate. We will be able to share news in the near future."