Avalanche (AVAX) is making big moves in Asia, particularly in South Korea and Japan, thanks to new stablecoin payment systems.
Korean Won Stablecoin Takes Off
South Korea’s first won-backed stablecoin, KRW1, is now in its pilot phase after a successful test. This stablecoin, backed by deposits at Woori Bank, puts Avalanche at the forefront of Korea’s growing digital asset scene.
Japan Joins the Party
Over in Japan, Avalanche is teaming up with major players like SMBC (a huge bank) and retail giants like Densan to build stablecoin payment systems.
Avalanche’s Network is Booming
All this stablecoin action is happening alongside a massive surge in Avalanche’s network activity. August alone saw over $12 billion in decentralized exchange (DEX) volume—an eightfold increase in just two months! Real-world asset (RWA) tokenization is also booming, exceeding $450 million. Popular DeFi protocols like UNI, Pharaoh, Benqi, and LFJ are thriving, pushing Avalanche’s total value locked (TVL) above $2 billion. UNI, for example, is up a whopping 97% in the last month.
AVAX Price Soars: Heading for $42?
AVAX is currently trading around $33, up over 9% in the last 24 hours. It recently broke past a key price point, and technical indicators look bullish. Analysts predict that if it breaks above $34.50, it could easily hit $42. Plus, several AVAX ETFs are waiting for regulatory approval, which could bring in a flood of money from traditional finance.
The Future Looks Bright for AVAX
With its growing presence in Asia’s stablecoin market and its booming DeFi ecosystem, Avalanche is positioning itself to be a major player in the next cryptocurrency boom.