The financial system works better the closer you are to New York and London. I said this in a recent interview with Seoul Economic Daily. Between emerging economies, the same payment still takes longer and costs more. That gap is where stablecoins matter most. When both currencies exist as stablecoins, they can be exchanged directly. The intermediary banks drop out, and businesses save both time and fees. We talked about Korea too, where card payments already work well. Used only locally, a won stablecoin risks becoming little more than a marketing tool. Its real value is in foreign exchange. It’s the same lesson we learned early at @CodexFX. Customers wanted to convert the money they held into the currencies they needed, across both fiat and stablecoins. Once we built around that, volume grew quickly. In August alone, it topped $1B. Stablecoin FX is only beginning, and the decisions made over the next 5 to 10 years will determine how the financial system works for the next 100. Thanks to Do Ye-ri for a sharp conversation. en.sedaily.com/finance/2026/…