South Korea is just one of the nations currently swaying from the effects of the COVID-19 pandemic, with financial growth declining in most sectors. Except for one industry – Telecommunications – is unusually flourishing. And blockchain-powered local stablecoins seem to be helping to encourage that growth.
As per the report from News Tomato, quarterly earnings for the big three South Korean telecoms networks (KT, SK and LG U+) are up by an unbelievable combined 24% on their quarterly numbers from this time last year.
KT’s sales were higher by almost 19% on Q2 of 2019, and the firm declared that stablecoin issuance was demonstrating profitable.
The firm announced,
KT added that its industry 4.0-related sales (including blockchain) were among its most successful business avenues in the past few months.
All three companies have started their mainnets and are in advanced stages of token-powered business development.
KT, though, has been the most dynamic of the three when it comes to the issuance of local stablecoins – a blockchain-powered expansion of paper-based local government-issued gift vouchers aimed at stimulating citywide, countywide and metropolitan neighborhood markets.
As both Seoul and local authorities look to do away with paper-based payment systems in favor of contact-free digital options, KT and the like have discovered themselves in demand.
Last month, the quiet rural neighbourhood of Buyeo County published that its stablecoin project, which cost USD 267,000 to launch in 2019, had now seen USD 48.5 million worth of tokens used in purchasing.