South Korea is just one of the countries currently reeling from the effects of the coronavirus pandemic, with economic growth down in most sectors. But one industry – telecommunications – is booming. And blockchain-powered local stablecoins appear to be helping to spur that growth.
Per News Tomato, quarterly earnings for the big three South Korean telecoms networks (KT, SK and LG U+) are up by a staggering combined 24% on their quarterly figures from this time last year.
KT’s sales were up by almost 19% on Q2 of 2019, and the firm stated that stablecoin issuance was proving profitable.
The firm stated,