Stablecoin-based salary payment services are spreading. Particularly, as the number of cases providing salaries in stablecoins is increasing in the global virtual asset industry, there are suggestions that Korea should accelerate discussions on payment settlements through stablecoins.
According to the financial industry on the 18th, 'AllScale', a blockchain-based decentralized service, is providing a salary payment service utilizing stablecoins like USDC, which is linked to the US dollar. While the launch date has not been disclosed, its official X (formerly Twitter) account was created last month. Considering this, it appears to be expanding its business with full-scale marketing recently.
Using AllScale, employers can transfer stablecoins to employees' virtual asset wallets within minutes. Employees can receive their salaries in stablecoins linked to their bank account or PayPal account, or receive wages in legal tender. Seo Byung-yun, director of DSRV Labs Future Finance Research Institute, said, "In the virtual asset industry with active global remote work and freelance developer employment, receiving salaries in stablecoins is becoming commonplace and an inevitable era change" and "Wyoming in the United States is creating a legal and institutional environment that embraces new organizational forms and salary payments, such as granting legal personality to decentralized autonomous organizations (DAOs)."
Similar models already exist in the virtual asset industry. 'BitWage', a service that pays salaries in virtual assets like BTC, has transferred wages totaling over $400 million (about 56.02 billion won) to date and is used by 90,000 workers in more than 4,500 companies.
Virtual asset salary services are relatively advantageous for global multinational companies. Traditional international bank transfers take an average of 3-5 business days and can incur fees up to 4%. Using stablecoins allows settlement within minutes with fees below $1. From a corporate perspective, they can reduce intermediary bank fees and exchange costs, and workers can receive their salaries faster.
On the other hand, banks may see their existing business areas shrink. Particularly, paying salaries in stablecoins could raise tax issues. Director Seo said, "To not fall behind in the global talent recruitment competition, Korea needs to provide practical guidelines rather than oppressive regulations" and "Through this, we need to consider a tax basis for salaries paid out in stablecoins."
- Reporter Kim Jung-woo
- woo@sedaily.com
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