Korea Business Review

KCI

Korea Business Review

Founded	1997
Frequency	Quarterly (four times per year): February 28, May 31, August 31, and November 30
Publisher	THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION.
ISSN (P)	2951-3596
ISSN (E)	2951-360X

Founded 1997

Frequency
Quarterly (four times per year): February 28, May 31, August 31, and November 30

Publisher
THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION.

ISSN (P) 2951-3596
ISSN (E) 2951-360X

Growth and Transaction Patterns of the RedotPay Stablecoin Payment Ecosystem: An Empirical Analysis Based on On-Chain Data

조재우

Korea Business Review 29(4): 1-26

This study empirically analyzes the growth trajectory and transaction patterns of the stablecoin-based payment ecosystem by examining RedotPay, a blockchain-based digital asset payment service, through on-chain data. Transaction data of USDT and USDC conducted on the Ethereum, Tron, and Solana networks over a 22-month period (December 2023 to September 2025) were collected and aggregated on a weekly basis. The results show that user deposit inflows to RedotPay increased rapidly from an average of $2.1 million during the initial 10 weeks to $52.5 million during the final 10 weeks, while the estimated settlement outflows rose from $0.41 million to $32.9 million over the same period. By network, Tron-based USDT accounted for 70-80% of total inflows, Ethereum for 15-20%, and Solana for 5–10%, indicating Tron’s dominant position in RedotPay’s ecosystem. The average deposit size steadily declined, while the share of small deposits below 1,000 USDT increased from 31% to 70%, suggesting a rapid expansion of small-value users. Leveraging the transparency of blockchain data, this study microscopically identifies the actual usage patterns within the digital asset payment ecosystem, empirically demonstrating that stablecoin payments are evolving from an early-adopter phase toward a mass-market payment medium. The findings provide valuable implications for digital asset payment service providers in strategic planning and for regulatory authorities in designing balanced policy frameworks.

Revenue Recognition in Mobility Platforms: A Case Study of Kakao Mobility

이주훈

Korea Business Review 29(4): 27-48

This study examines the revenue recognition practices of Kakao Mobility, a notable case of accounting standards violation in the platform business sector, and explores how differences in the interpretation of accounting standards can affect corporate valuation. Kakao Mobility applied the gross method in its franchise-based mobility business, recognizing approximately 20% of taxi fares as operating revenue through franchise contracts between its wholly owned subsidiary (KMS) and franchise taxi drivers, while simultaneously recognizing 16-17% of the fare as operating expenses under separate business cooperation agreements with the same drivers. However, the financial authorities concluded that the driving data provided under these cooperation agreements did not constitute “distinct goods or services” as defined by K-IFRS No. 1115. Accordingly, they argued that only the net amount—franchise fees less cooperation payments—should be recognized as revenue. As a result, Kakao Mobility was required to restate its financial statements, leading to a 39% decrease in operating revenue for 2022 and a cumulative reduction of approximately KRW 620 billion for the years 2020-2022. Kakao Mobility had been actively preparing for an initial public offering (IPO) since 2021, but given the industry’s reliance on EV/Sales multiples for valuation, the decline in operating revenue directly impacted the estimated offering price, ultimately delaying the IPO process. This case highlights how, in emerging industries where accounting practices have not yet been firmly established, differences in the interpretation of standards may arise. However, as emphasized by the Financial Supervisory Service, it can also be viewed as a result of managerial discretion within the principles-based framework of revenue recognition. The case empirically illustrates the incentive for platform companies to inflate revenues in order to enhance perceived corporate value, particularly in industries characterized by low profitability and strong network effects. It suggests that regulators and investors should critically assess whether revenue growth is supported by underlying economic activities, and that ongoing efforts are needed to clarify and standardize revenue recognition practices in the platform economy.