The pursuit of a peace treaty for the Korean Peninsula has become increasingly uncertain, with North Korea (DPRK) abandoning its previous rhetoric on the subject since 2019. Both China and Russia have also shifted their stances; China's advocacy for a dual-track approach to denuclearization and a peace regime has ceased, while Russia now recognizes the DPRK as a de facto nuclear weapons state following a renewed alliance. The DPRK's intensified nuclear deterrent efforts, influenced by the US-led actions in Iran, further complicate prospects for denuclearization, making a direct meeting between former President Trump and Kim Jong-un unlikely unless the US demand for denuclearization is dropped. Amidst these challenges, "peaceful coexistence" has emerged as a new policy goal for both Koreas, though their interpretations differ significantly, with the DPRK conditioning it on its status as a nuclear state. A potential path forward involves a peace treaty combining "peace through strength" and "peace through institutions," potentially utilizing creative ambiguity regarding denuclearization.