Visitors to popular tourist spots in South Korea will be able to exchange the stablecoin USDT for fiat through DaWinKS crypto ATMs.
Non-profit Kaia DLT Foundation and FinTech company DaWinKS launched a service in South Korea that allows foreign tourists to convert USDT issued on the Kaia blockchain into South Korean won via specialized digital ATMs (DTM).
A digital ATM (DTM) is a multifunctional device that enables crypto-to-cash and cash-to-crypto exchanges, as well as other financial services without needing internet access. DTMs allow users to:
- exchange cryptocurrencies and stablecoins for fiat;
- issue prepaid cards, such as transit cards;
- perform currency exchange operations between fiat currencies;
- provide related FinTech services like tax refunds or transfers.
DaWinKS ATMs supporting USDT are installed in seven key tourist locations in South Korea:
- at the N Seoul Tower, a popular landmark in Seoul;
- at Homeplus supermarket branches in Hapjeong and CentumCity districts;
- at a Lotte Mart store in the Gwangbok area;
- at the LIFEWORK large retail store in the Myeongdong tourist area;
- at the Money Club exchange office in Myeongdong;
- at the NamDaeMun Exchange Café in Namdaemun district.
The network will soon expand to other major Lotte Mart branches across the country.
Tourists can complete verification using their passport and biometric checks similar to those at South Korean airports. After passing KYC, users can exchange USDT issued on the Kaia network for cash in the chosen currency or issue a prepaid transit card. Remaining balances can be converted to U.S. dollars before leaving the country. All transactions are processed at the current exchange rate at the time of the transaction.
Besides USDT, ATMs support BTC and ETH. KAIA, the native token of the Kaia network, is planned to be added in the future. According to Sangmin Seo, Chair of Kaia DLT Foundation, cooperation with DaWinKS aims to significantly expand the practical use of stablecoins and opens new opportunities for cross-border financial operations. He also noted plans to extend the initiative beyond South Korea over time. DaWinKS crypto ATMs operate in 17 countries and support 89 national currencies.
South Korean authorities maintain strict requirements for digital asset service providers. In 2024, the Korea Financial Intelligence Unit (KoFIU) increased inspections of crypto exchanges, resulting in some platforms being banned from the local market. Additionally:
- strict penalties were introduced for crypto-related crimes;
- the purchase of cryptocurrencies with credit cards was prohibited;
- oversight of stablecoins was strengthened along with tighter control over international crypto transactions.
In 2025, the South Korean government launched a comprehensive reform of the crypto sector, announcing revisions to stablecoin regulations and commission policies for local crypto exchanges.
