As the stablecoin-based gambling market rapidly expands, over $100 million (approximately 138.8 billion won) has been invested in prediction betting on the Korean presidential election results.
On the 19th, a betting item on the Korean presidential election on the decentralized platform 'Polymarket', where users can participate in prediction betting using the stablecoin USD Coin (USDC), ranked 4th in 24-hour trading volume. The cumulative trading volume so far has reached $122.21 million (approximately 169.7 billion won).
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Polymarket is a platform where users connect their virtual asset wallets and participate in betting by purchasing 'yes' or 'no' options for each betting item. Each option is traded like a stock. It is traded in USDC within a range of $0-1 per share based on prediction probability. For example, if the 'yes' prediction probability is currently 90%, it can be purchased for $0.9, and if the result is correct, it is settled at $1. Trading follows an order book structure that automatically connects orders between participants.
Such a service is considered illegal gambling under domestic law but is not blocked. Even if access is blocked, it can be bypassed through VPN. Moreover, due to the nature of blockchain-based decentralized platforms, it is technically impossible to completely block access.
Polymarket is already very popular in domestic virtual asset investor communities. With numerous betting items related to domestic political issues, there are many success stories of easily earning profits from foreign participants. One investor boasted, "During last year's martial law, when the possibility of war with North Korea was only 8%, I bet all my virtual assets on 'no' and made a significant profit."
As stablecoins have been spreading rapidly recently, the gambling market utilizing them is also becoming active. According to a report released last month by blockchain analysis company Bitrace, the scale of stablecoins flowing into online gambling platforms last year totaled $217.8 billion (approximately 304 trillion won), a 17.5% increase from the previous year.
- Kim Jung-woo, Reporter
- woo@sedaily.com
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