Nexon Korea Intensifies its Blockchain Focus with Nexon Universe

Malaysia Looking to Wean Itself Off Dollar DependencyAccording to Prime Minister Anwar Ibrahim, China is willing to engage in discussions with Malaysia regarding the creation of an Asian Monetary Fund. This proposal, which has been circulating for decades, aims to decrease the dependence on the US dollar.©Pexels/Sergei StarostinAsian Monetary FundAnwar highlighted the necessity to minimize reliance on the dollar and the International Monetary Fund and proposed the establishment of this fund at the Boao forum in Hainan last week. He stressed that the fund would aid in diversifying the financial landscape of Asia and improving its resilience against economic challenges.Following a state visit to China last week, Anwar stated that “there is no reason for Malaysia to continue depending on the dollar.” The Prime Minister told the Malaysian parliament on Tuesday that China’s President Xi Jingping was receptive to the idea of an Asian Monetary Fund and welcomed further discussions on such a proposal.Anwar Ibrahim, serving as both the Finance Minister and Prime Minister of Malaysia, stated that the country’s central bank is already taking measures to allow for negotiations between Malaysia and China using their respective currencies, the ringgit and renminbi.The robustness of the US dollar poses a significant challenge for Malaysia and other Asian countries, particularly as Malaysia is a net importer of food. In September 2022, the Bloomberg dollar index reached an all-time high, leading to a decline in the value of the ringgit and other Southeast Asian currencies to levels not seen in decades.As a result, Anwar Ibrahim’s proposal for a shift towards bilateral trade negotiations with China using the ringgit and renminbi holds the potential to alleviate some of the region’s dependence on the dollar and reduce the impact of its fluctuations.International shift away from dollarThis development comes as other officials in the region, particularly Singapore, have been discussing strategies to manage the effects of a dominant US dollar that has weakened local currencies and been used as an instrument of economic power by the United States.There has been a raft of deals struck in recent weeks all pointing towards an international shift away from the US dollar as the global reserve currency. Russia has agreed with China to trade in renminbi. A major trade deal was struck recently between China and Brazil that will see the two countries trade in reals and renminbi. Major oil producer Saudi Arabia has made similar soundings and signed similar deals with Beijing.Bitcoin as a reserve currencyAll of this recent upheaval has brought further consideration of bitcoin acting as a reserve currency back into view. It’s expected that even if there is a shift away from the US dollar, the renminbi won’t be capable of acting as a single dominant global reserve currency. Taking to Twitter on Wednesday, Bloomberg Intelligence Crypto Market Analyst Jamie Coutts suggested that bitcoin’s performance in Q1, 2023 marks “a significant milestone in its ascendancy as a potential global reserve asset.”Coutts believes that it marks the first occasion that the leading cryptocurrency has acted as a safe haven asset during a liquidity crisis. Bitcoin remains at an early stage of development. Nobody expects that it could serve as the global reserve currency at this point. However, it is not unreasonable to anticipate it increasingly growing into a role as a reserve currency used for international trade and settlement. Especially so, as issues bubble over relative to banking and a desire to escape the clutches of US dollar domination.

Token Cat Limited, a Nasdaq-listed Chinese automotive marketplace formerly known as TuanChe Limited, has approved a new digital asset investment policy that will allow the company to deploy up to $1 billion into cryptocurrencies as part of its treasury strategy. In a press release distributed via Chainwire, the Beijing-headquartered company said its board of directors signed off on a Crypto Asset Investment Policy authorizing the use of a portion of its cash reserves to acquire selected tokens under internal risk-management controls. Any purchased assets will be held with third-party custodians rather than managed in-house, the company said.Photo by Precondo CA on UnsplashThe initial allocation will focus on tokens tied to newer projects in areas such as artificial intelligence, RAW-to-chain infrastructure, and token–equity hybrid models. Further deployments will be evaluated over time and will remain subject to additional board approval, according to the statement. The policy will be implemented under the oversight of Sav Persico, who was recently appointed chief operating officer. Token Cat said he brings decades of experience in technology and blockchain-related businesses and emphasized that the initiative reflects a long-term approach to digital assets rather than a speculative trade. China’s regulation and softer DAT inflowsToken Cat’s decision comes even as China’s central bank continues to stress that crypto-related business activity remains off-limits domestically. According to Reuters, the People’s Bank of China (PBOC) recently reiterated that services involving virtual assets constitute “illegal financial activities” and highlighted that cryptocurrencies do not have the legal status of fiat currency. The statement was issued against the backdrop of what the central bank characterized as a renewed pickup in speculative crypto trading and broader concerns about financial risks. Beyond China, Token Cat’s move fits into a wider trend of companies experimenting with so-called digital asset treasuries (DATs), in which companies commit varying portions of their balance sheets to crypto. Those strategies, however, have seen softer momentum in recent months. Cointelegraph, citing data from DefiLlama, reported that DATs drew about $1.32 billion in fresh capital in November, the lowest monthly intake of 2024. Bitcoin-focused DATs accounted for the bulk of that activity with roughly $1.06 billion of inflows, while Ethereum-based DATs saw about $37 million in outflows. Bitwise chief investment officer Matt Hougan said on X that DATs have generally moved in tandem over the past six months, but he expects that pattern to change as investors begin to differentiate between firms with clearly articulated strategies and those without. He said a limited number of DATs could emerge with more resilient valuations, while others may continue to trade at persistent discounts. Biotech Sonnet advances HYPE-token planDespite the recent slowdown in inflows, new corporate efforts to gain exposure to digital assets continue. One example is Sonnet BioTherapeutics Holdings, a North Carolina–based biotechnology company developing immuno-oncology drugs. On Dec. 2, Sonnet said its shareholders had approved a proposed business combination with Hyperliquid Strategies Inc. (HSI) and Rorschach I LLC. That vote followed an agreement reached in July for Sonnet to merge with Rorschach to form Hyperliquid Strategies, a new entity expected to hold roughly 12.6 million HYPE tokens valued at about $583 million, along with at least $305 million in cash, for a projected combined value of $888 million. Hyperliquid is a decentralized exchange (DEX) built on its own layer-1 blockchain. Its native token, HYPE, has a total supply of one billion and is used for network governance, staking, and smart contract functions on HyperEVM, the platform’s EVM-compatible environment. Sonnet’s move, together with Token Cat’s newly adopted investment policy, adds to a steady stream of corporate initiatives testing the role of digital assets in balance-sheet management. With companies ranging from biotech firms to automotive marketplaces exploring similar strategies, the coming months will show whether crypto holdings can establish themselves as durable components of corporate treasuries. 

South Korea is weighing a fiat-backed stablecoin, balancing monetary sovereignty against the fact that global stablecoins are dominated by the U.S. dollar while domestic payments are already near-instant.Photo by DrawKit Illustrations on UnsplashThin domestic need despite sovereignty aimsThe case for a won-pegged token is facing challenging headwinds. As a recent Korea Economic Daily report highlighted, skeptics argue the won's limited global demand and lack of reserve currency status would curb its adoption internationally. Domestically, the need is even less apparent. A study by NH Investment & Securities noted that with retail payments settling in seconds via biometrics or passwords, and with world-leading credit card and bank account penetration, the efficiency gains from a stablecoin are marginal at best. Despite this, the appeal of digital currencies is growing. Transactions in dollar-backed stablecoins USDT and USDC on Korea’s five main exchanges totaled nearly $71 billion between January and August, according to CryptoQuant. This rising adoption presents both an opportunity and a threat. While some analysts believe stablecoins could smooth exchange-rate volatility, the Bank of Korea (BOK) has expressed concern. In a recent working paper, Son Min-kyu of the central bank commented that the widespread use of dollar-backed stablecoins could entrench the dollar's dominance, while also amplifying run risk and market volatility in Treasuries during periods of stress. Scarce short-term collateralSeoul also faces a unique structural hurdle: a shortage of short-term government bonds to use as collateral. Unlike the U.S., where stablecoin issuers rely on a deep market for Treasury bills, Korea’s bond market is dominated by long-dated paper. Kim Pil-kyu of the Korea Capital Market Institute (KCMI) described short-term sovereign bills as vital for a stablecoin’s value preservation, a resource Korea currently lacks. As South Korea deliberates, other major economies are forging ahead on divergent paths. Japan is moving to authorize privately issued stablecoins this fall, while the European Union has brought them under its comprehensive Markets in Crypto-Assets (MiCA) regulation. UK’s cap plan clashes with pro-innovation pushThis regulatory balancing act is also playing out in the U.K., where a policy rift is emerging. According to the Financial Times, the Bank of England has proposed capping individual holdings of widely used stablecoins at £10,000–£20,000, with a £10 million limit for businesses. Industry groups argue the plan would be expensive to implement and could blunt the U.K.’s competitive edge in digital finance. The central bank's caution also contrasts with the government's pro-innovation stance, with finance minister Rachel Reeves recently pledging to promote the use of stablecoins and tokenized securities. For Seoul, the global shift toward tokenized money is undeniable. With seemingly limited domestic demand and various structural challenges, a won-backed stablecoin is, for now, an idea worth watching as the broader financial landscape evolves.