According to CoinMeta, Upbit launched promotional activities from July to August, reducing transaction fees for stablecoins and quickly launching rlusd and usdg in order to increase the trading volume of stablecoins. However, the trading enthusiasm declined rapidly within a week, with USDT occupying nearly 97-98% of the market share. Coinone seized the market by adopting a permanent zero-fee policy, making it difficult for Upbit to attract users. In the long run, regulatory policies will become a key factor; the licensing and reserve policies for Korean won-based stablecoins have not yet been determined. Upbit needs to focus on distributing in US dollar-denominated stablecoins to expand its payment ecosystem.