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candidate_metadata: candidate_id: “JC2606R0003” title: “SentBe CEO Advances Stablecoin Payments Amid Regulatory Gaps” source_name: “조선일보” source_domain: “chosun.com” url: “https://chosun.com/english/market-money-en/2026/06/02/6TBODOSQV5ARBJMBG4Z2YLB3J4” canonical_url: “https://chosun.com/english/market-money-en/2026/06/02/6TBODOSQV5ARBJMBG4Z2YLB3J4” published: “2026-06-01T00:00:00+09:00” collected: “2026-08-21T02:06:35+00:00” query: “stablecoin payments remittance adoption” snippet: “SentBe CEO Advances Stablecoin Payments Amid Regulatory Gaps 조선일보” candidate_id: “JC2606R0003” title: “SentBe CEO Advances Stablecoin Payments Amid Regulatory Gaps” source_url: “https://chosun.com/english/market-money-en/2026/06/02/6TBODOSQV5ARBJMBG4Z2YLB3J4” canonical_url: “https://chosun.com/english/market-money-en/2026/06/02/6TBODOSQV5ARBJMBG4Z2YLB3J4” source_domain: “chosun.com” source_type: “article” author: “Not stated” published: “2026-06-01” collected: “2026-08-21” original_language: “english” registered_by: “hermes” registered_at: “2026-08-21T02:06:35Z” collector_note: “스테이블코인의 국내외 법·규제·AML/FIU 통제, 발행 및 준비자산 구조, 결제·송금·정산 인프라, 은행·핀테크 상용화 사례와 사업 기회를 장기 추적한다. 가격·투자성 동향은 정책 또는 인프라 영향이 명확한 경우에만 포함한다.”
SentBe CEO Advances Stablecoin Payments Amid Regulatory Gaps
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Choi Seong-ouk, CEO of SentBe, is a widely recognized “regulation-breaking” entrepreneur in both the startup and financial sectors. In South Korea, where regulations are notoriously dense, he founded SentBe in 2015 to provide foreign exchange remittance services—often deemed the most challenging sector—and expanded operations to over 50 countries. Known for his tightly cropped hairstyle, which symbolizes his resolve to overcome regulatory barriers, SentBe’s cumulative remittance volume over the past decade has reached approximately 14 trillion Korean won. The company’s growth was driven by its reputation for being up to 90% cheaper and faster than traditional banks, initially gaining traction among foreign workers in South Korea.
Choi recently expanded SentBe’s business into stablecoins, a sector still unregulated in South Korea. He collaborated with global messenger “Line” to build a virtual asset wallet service and plans to launch a stablecoin-based payment system for Dongdaemun wholesale markets within this year. In a recent interview at his Yeouido office, Choi stated, “Many global ‘big players’ in the stablecoin industry have recently visited South Korea. Their interest reflects their recognition of the country’s potential, and once regulations are established, opportunities could explode.”
A stablecoin is a cryptocurrency designed to maintain a fixed value relative to a fiat currency, such as “1 coin = 1 dollar.” Over 99% of circulating stablecoins are pegged to the U.S. dollar, with Tether’s USDT leading the market, followed by Circle’s USDC. The U.S. enacted stablecoin regulations last year, while the EU and Japan have also introduced legal frameworks to oversee issuance and distribution. South Korea is still in the process of drafting legislation.
◇“Stablecoins Hold High Potential for Cross-Border Transactions”
- What business opportunities do you see with stablecoins?
“In countries like those in South America, where currency values fluctuate wildly, dollar-pegged stablecoins are used as alternatives to local currencies. South Korea isn’t in that category, but stablecoins could facilitate cross-border transactions—such as remittances abroad or payments by foreigners in Korea. For fintech companies, B2B or B2B2C services present key opportunities.”
- What specific services could emerge?
“For example, global messenger ‘Line’ recently launched a virtual asset service allowing users to store stablecoins. If a user holds USDT and wants to convert it to their local currency for bank transfers, we provide the fiat withdrawal service. We’re also preparing a system where overseas tourists can pay for goods in Korea using stablecoins like USDT, enabling merchants to receive payments in Korean won—a ‘bridge’ between stablecoins and fiat.”
- South Korea hasn’t legislated stablecoins yet.
“Correct. Regulations remain unestablished, creating constraints. For instance, even if a corporation receives USDT, there’s currently no legal way to convert it to Korean won.”
- How do you operate services under these conditions?
“We utilize a Singaporean subsidiary. SentBe Korea holds a payment gateway license, while our Singaporean subsidiary has an MPI (Major Payment Institution) license from the Monetary Authority of Singapore, specifically for cross-border remittances—a license held by only around 160 companies globally. The Singaporean subsidiary converts stablecoins to dollars, which are then sent to Korea and exchanged into won for settlement with clients or merchants.”
◇“Foreign Wholesalers to Use Stablecoins Instead of Cash”
SentBe plans to launch a stablecoin payment service for foreign wholesalers in Dongdaemun. Partnering with apM, a Dongdaemun wholesale complex, the company is developing an app-based system for stablecoin payments.
- What does this service entail?
“Many Dongdaemun wholesalers are from mainland China and Hong Kong. Cash transactions are common, but foreigners face strict limits on carrying cash out of China. Accessing Korean won is also difficult, often blocking transactions despite having funds. To address this, apM introduced mobile gift certificates. Foreign wholesalers can purchase these via the app, and merchants receive the certificates—unaware of the stablecoin transactions behind them.”
- Can other cryptocurrencies like Bitcoin be used?
“No, only stablecoins. When a user buys a 1 million Korean won gift certificate with stablecoins, our Singaporean partner receives the stablecoin, converts it to dollars, and transfers it to SentBe’s Singaporean subsidiary—a process taking 2–5 minutes. Bitcoin’s volatility makes this risky; its price could swing significantly during such a short period. Dollar-pegged stablecoins avoid this risk.”
◇“Many Companies Want to Enter Korea Once Regulations Are Ready”
- Most services rely on dollar-pegged stablecoins. Is a won-pegged stablecoin necessary?
“Cross-border transactions can function with dollar-pegged stablecoins, so businesses may not need a won-pegged version. However, at the national level, South Korea should act swiftly. Even today, converting won to other currencies for overseas transfers takes days—similar to when we founded SentBe. If won-pegged stablecoins are adopted on blockchain networks, cross-border remittances and payments could be drastically faster.”
Before founding SentBe, Choi worked as a foreign exchange broker and identified cross-border remittances as one of the few sectors lagging in technological innovation. Traditional remittances involve complex steps: “won deposit → dollar conversion → cross-border dollar transfer → local currency conversion.” Delays often occur during cross-border transfers. Stablecoins, however, enable near-instant transfers by eliminating intermediaries and multi-step processes via blockchain.
Choi explained, “Won-pegged stablecoins could revolutionize cross-border transactions. Blockchain operates 24/7, 365 days a year, unlike traditional markets with operating hours and holidays.” For instance, a Thai worker could send won-earned income to Vietnam via blockchain-based stablecoin settlements between won and Thai baht, bypassing dollar conversions.
- Don’t stablecoins increase risks like money laundering?
“If regulators worry about illegal activities, they could start by allowing a few banks with robust AML and KYC systems to pilot services. Many global stablecoin firms have expressed interest in establishing Asia-Pacific headquarters in South Korea once regulations are in place. However, delays in legislation risk pushing these companies to alternatives like Japan, Singapore, Thailand, or Vietnam.”
- Some fear stablecoins could enable tax evasion or capital flight.
“Such concerns exist globally, prompting the EU and Japan to enact stricter stablecoin laws than the U.S. Singapore and Thailand also have rigorous regulations. South Korea can reference these frameworks to build precise and robust rules. The greater risk lies in regulatory gaps—unregulated transactions may go underground or leak outside oversight. Formalizing stablecoin systems would allow transparent monitoring and management of illicit activities.”