Insights from graphs

Fintech Issues

10. Stablecoin Issuer Charter Landscape under the GENIUS Act, U.S. (2025–2026) (Aug., 2026)

Where is Korea heading?

Status Purpose Cases
Final approval Issuer Circle (USDC)
Conditional approval Issuer World Liberty (USD1), Sony / Connectia πŸ‡―πŸ‡΅, Ripple (RLUSD), Paxos (USDP / PYUSD)
Issuance-as-a-service* Bridge (Stripe) — currently powers Phantom’s CASH and MetaMask’s mUSD via Stripe’s “Open Issuance” platform
Custodian BitGo, Fidelity Digital Assets, Coinbase, Foris DAX / Crypto.com πŸ‡²πŸ‡Ή πŸ‡ΈπŸ‡¬, Protego, Laser Digital / Nomura πŸ‡―πŸ‡΅
Rejected Issuer Wise πŸ‡¬πŸ‡§ — rejected over AML/BSA concerns
Pending (trust charter) Issuer Dakota, Agora / AUSD πŸ‡§πŸ‡², PAYO (Payoneer, PAYO-USD)
Issuance-as-a-service* Bastion, Catena Labs (for AI agents)
Custodian Kraken (Payward), EDX Markets, Lorum πŸ‡¦πŸ‡ͺ
Pending (other track) Unclear Revolut πŸ‡¬πŸ‡§ (new full-service bank application), CBW (state-to-national conversion)
Issuer (hybrid) OpenReserve — insured full-service bank application that also names a ReserveUSD issuance subsidiary
Pending Unknown First National Bank of Cooper — under acquisition (Ark Financial Holding), likely tied to a digital-banking expansion filing

* Issues stablecoins on behalf of third parties who market them under their own brand, running the reserve management and minting infrastructure behind the scenes.

source : OCC (Office of the Comptroller of the Currency), created by Tnealab.

9. Fiscal Balance Shifts After COVID-19: Insights from Korea (2011-2024) and France (2005-2024) (Aug–Sep, 2025)

Managed fiscal balance in Korea, 2011-2024

source : μ—΄λ¦°μž¬μ • (data: 2011-2024, monthly)

The managed fiscal balance experienced increased dispersion following COVID-19 and has remained tilted to the downside until recently.

Managed fiscal balance in France, 2005-2024

source : Budgetary directorate (data: 2005-2024, monthly)

France shows little post-COVID dispersion; instead, the balance has recently been exposed to pronounced downside risks.

8. Financial loss distribution across Korean provinces (2014-2023) and seasons (2011-2023) due to natural disasters (March and April 2025)

Financial loss distribution across Korean provinces, 2014-2023

source : μž¬λ‚œμ•ˆμ „λ°μ΄ν„°κ³΅μœ ν”„λž«νΌ (data: 2014-2023, annual) : the analysis chart created by Tnealab (03.2025).

note: financial losses, caused by natural disasters events, are valued at millions of 2023 Korean won.

The plot highlights two key features: the increasing volume of financial losses and the vulnerability of Gyeongbuk province to natural disasters.

Financial loss distribution across Korean seasons, 2011-2023

source : μž¬λ‚œμ•ˆμ „λ°μ΄ν„°κ³΅μœ ν”„λž«νΌ (data: 2011-2023, month), BOK (producer price index) : the analysis chart created by Tnealab (04.2025).

note: financial losses, caused by natural disasters events, are valued at millions of 2023 Korean won.

The graph indicates the most concentrated financial damage in the summer, with a recent increase in losses and a shift toward an earlier summer onset.

7. Homeplus, once on the brink of the ECP-run (off-line version), Korea (March 2025)

Homeplus liquidity ratio

source : DART. API (data: 2010-2024, annual) : the analysis chart created by Tnealab (03.2025).

note: The liquidity ratio summarizes the proportion of current assets to current liabilities.

Another form of a bank-run again? Homeplus is narrowly avoiding the crisis but a ratio approaching 20% is a critical warning sign.

6. Summer Rainfall and Debt at Risk (simple exercise), Korea (October 2024)

Scatter plot: Debt-to-GDP change vs summer rainfall

Scatter Plot : annual percentage change in Debt-to-GDP ratio and average rainfall (June-August) from 1993 to 2023.

3D density surface: Debt-to-GDP change, 1990-2030, Linear vs Quantile Regression
Debt at Risk: 2009 vs 2011 comparison

Debt at Risk : Comparison of 2009 (normal rainfall) vs 2011 (heavy rainfall).

Debt at Risk: 2019 vs 2020 comparison

Debt at Risk : Comparison of 2019 (rainfall below the avg.) vs 2020 (heavy rainfall).

Sources : Debt-to-GDP ratio data from the IMF Fiscal Monitor and rainfall data from the Korea Meteorological Administration

note: Created by Tnealab. Codes from Vulnerable Growth (Adrian, Boyarchenko and Giannone, 2019) and SoFiE.

5. ECP Run...(ECP, E-Commerce-Platform), Korea (July 2024)
Liquidity ratio of Korean e-commerce platforms, 2010-2023

source : DART. API (data: 2010-2023, annual) : the analysis chart created by Tnealab (07.2024).

note: The liquidity ratio summarizes the proportion of current assets to current liabilities.

Unfortunately, another form of a bank-run. A ratio below 20% was a clear warning and a steep downward trend in the ratios calls for careful monitoring.

Related news : ν‹°λͺ¬μ— 돈 떼일라

4. Sectoral Correlation Analysis : Terms of Trade, Korea (June 2023)
Sectoral correlation matrix: export, import, and terms of trade, by contract currency

source : Bank of Korea (data: Jan 2000–Apr 2023, monthly) : the analysis chart created by Tnealab (06.2023).

note: (1) "contract-" indicates sectoral trade prices based on invoicing currencies. (2) "tot" represents the terms of trade index. (3) "x" with p_value greater than 0.05.

3. Sentiment Analysis : Hamlet and the FOMC (February 2023)
Sentiment analysis: Hamlet and FOMC minutes, by meeting

source : Hamlet (gutenberg), Minutes of the FOMC (federalreserve.org), created by Tnealab (02.2023).

2. Global Risk Scenario (2019) and Uncertainty Index (2022) (December 2022)
The Global Risk Landscape 2019

source: WEF Global Risks Report 2019

"According to the map (left, 2019), low-probability risks materialized last couple of years amid extreme weather events. ... ... ..."

World Uncertainty Index, 1990Q1 to 2022Q3

source: Ahir, H, N Bloom, and D Furceri (2022), "World Uncertainty Index", NBER Working Paper.

1. Long-Term Investment Flows (July 2022)
Long-term bonds: who is investing, by region (Asia, Europe, Korea, USA)

source : IMF, created by Tnealab.

"A rough picture of investors' asset allocation across regions (from region to region)."