* It has been translated through NAVER papago logo Maeil Business Newspaper Korea’s No. 1 Economic Media search menu KOR JPN CHN HOME Economy Business Society World Realestate Stock Politics IT·Tech Culture Opinion Entertainment Sports Special Edition Most Read Maeil Business News Korea * It has been translated through NAVER papago logo close menu News Most Read Economy Business Society World Realestate Stock Politics IT·Tech Culture Sports Entertainment Special Edition Opinion KOR JPN CHN delete word Search Recent Searches Delete All close search Maeil Business Newspaper Stablecoin is emerging as a key platform currency for global remittance, commerce, and financial inn.. * It has been translated through NAVER papago logo 언어 변경하기 Language KOR JPN CHN 닫기 Change font Change font A A A A close print share Share email kakao talk facebook X copy the link close detail * It has been translated through NAVER papago logo TOP Most read Hong Soonbin hong.soonbin@mk.co.kr Input : 2025-08-20 16:06:25 언어 변경하기 Language KOR JPN CHN 닫기 Change font Change font A A A A close print share Share 이메일에 공유하기 카카오톡에 공유하기 페이스북에 공유하기 트위터에 공유하기 링크 복사하기 close 사진 확대 Midjourney Stablecoin is emerging as a key platform currency for global remittance, commerce, and financial innovation beyond the scope of simple virtual assets. U.S. President Donald Trump’s pro- (親) virtual asset policy and the legislation of the three digital asset laws, including the passage of the GENIUS Act, formed a triple inflection point of “institutionalization, market expansion, and risk management” throughout the stablecoin industry. The change sparked debate over the introduction of won stablecoins and currency hegemony reorganization in Asian countries, including South Korea, and discussions over innovation and potential risks related to stablecoins are still hot. Stablecoin is a digital asset issued by a private operator but designed to maintain value stability in conjunction with specific assets on the basis of a public blockchain. It is designed to enhance its usability as a means of payment and payment by supplementing the price volatility problem of virtual assets that can be used worldwide such as Bitcoin and Ethereum. Representatively, there are USDT of Tether and USDC of Circle, and in principle, dollars or short-term government bonds corresponding to the issuance amount are held as reserve assets through a legal currency collateral structure. However, unlike the central bank’s digital currency (CBDC), the issuer is a private company, so market reliability depends on the composition and holding of collateral assets. According to blockchain-based data platform rwa.xyz, the global market capitalization of stablecoins is $24.4 billion (about 340 trillion won), which has grown 10 times on average since 2017. About 90% of these are U.S. dollar-based stablecoins. Amid this growth, the U.S. House of Representatives passed the △Genius Act (Stablecoin National Innovation Guidelines Act) △ Clarity Act (Digital Asset Clarification Act) △ Anti-CBDC Act (CBDC Surveillance State Prevention Act) in July during the special legislative period “Crypto Week.” The Genius Act, which took effect on July 18 under President Trump’s signature, introduced comprehensive regulations such as the definition of stablecoins for payment, authorization of issuers, maintenance of reserves of 100% of the issued volume, holding high-flow assets, repayment obligations, and verifying accounting firms. Hwang Tae-young, managing director of Samjeong KPMG’s stablecoin advisory team, said, “The Genius Act has cleared legal uncertainties related to the issuance of stablecoins, laying the foundation for fintech and big tech companies as well as existing financial sectors to expand their businesses into payments, remittances, and commerce. This has a great strategic significance to increase the reliability of the US dollar stablecoins and strengthen dollar hegemony.” “The U.S. is expanding its blockchain and virtual asset businesses and investments by creating a clearer and more flexible digital asset regulation environment, which will further expand the stablecoin ecosystem centered on private operators,” he predicted. 사진 확대 Major U.S. financial institutions, big tech, and fintech companies responded quickly. Tether is pursuing a dual strategy in case it fails to secure issuer permission in the U.S. and is likely to be forced out of the market after July 18, 2028. It is considering issuing new stablecoins that meet U.S. regulations while maintaining its USDT payment status in existing emerging markets. Circle has secured confidence by listing on the NYSE and attracting large investments, and strengthened its reserve management transparency based on its collaboration with BlackRock. It also applied to the U.S. Monetary Authority (OCC) to establish a national trust bank and expanded its USDC-based payment API infrastructure for institutional customers in cooperation with financial infrastructure technology company FIS. Visa is working with Anchorage to build an infrastructure that allows card issuers and buyers to settle with USDC and expand cross-border payment services. PayPal issued PYUSD with Paxos to support it on its own payment platform, while Stripe acquired stablecoin infrastructure company Bridge to launch stablecoin financial account services in more than 100 countries. Big tech companies such as Amazon, Apple, and Meta are also reviewing their own dollar stablecoin strategies. The spread of dollar stablecoins is also having a direct impact on Korea. Along with concerns about weakening monetary sovereignty, discussions on issuing stablecoins in the won are accelerating. Currently, three bills have been proposed in the National Assembly: △ the Framework Act on Digital Assets △ the Act on the Issuance and Distribution of Value Stabilized Digital Assets △ the Act on Payment Innovation Using Value Stabilized Digital Assets. Although there are detailed differences in issuer qualifications, capital requirements, regulations on overseas issuers, composition of reserve assets, and allocation of supervisory authority, it is a structure in which the Financial Services Commission is the subject of authorization in common. “In order to secure the competitiveness of Korean won stablecoins, it is necessary to design a system that increases the possibility of global use beyond allowing simple issuance,” Hwang said. “A balance is required to support private innovation while maintaining the effectiveness of monetary policy.” 사진 확대 Stablecoins also carry risks. The Bank for International Settlements (BIS) warned of the possibility of a large-scale coin run spreading across the financial system if stablecoins collapse their one-on-one value linkage due to factors such as bankruptcy of issuers, system errors, and falling value of collateral assets. There is also a risk of illegal use such as hacking and money laundering. In particular, it is pointed out that even if the won stablecoin is activated, the dual currency structure with the won could lead to monetary policy neutralization. Policy considerations are also complex. First of all, the direction of domestic distribution regulation of stablecoins issued overseas is considered to be considered. Hong Kong only allows transactions of overseas-issued stablecoins in the country when they are registered with the Hong Kong Financial Supervisory Service, and the United Arab Emirates (UAE) only restricts the use of foreign currency-linked stablecoins for settlement, but only for virtual asset transactions. The second is the issuer’s qualification and the verification of collateral assets. Indiscriminate issuance of stablecoins by private businesses can undermine financial stability. Major countries such as the United States, Hong Kong, and Singapore are strengthening market stability and investor protection by controlling the issuance of stablecoins through capital and reserve requirements, anti-money laundering (AML) and terrorist financing (CFT) regulations, separation of customer funds, and regular reporting obligations. “The verification of stablecoin reserves should be a combination of technical elements such as API linkage and on-chain proof beyond simple numerical verification,” Hwang said. “As transparency close to real-time determines market trust, independent and professional institutions should do this.” An official from Samjeong KPMG said, “The global financial order is already moving from state-led hegemony to private networks. Changes in major countries’ policies and competition among companies with dollar-based stablecoins are irreversible, he said. “Korea also needs to design a stablecoin system based on the harmony of stable financial systems and private innovation to secure competitiveness amid these changes.” To succeed in KRW stablecoin…Remember the 5 strategies 사진 확대 The won stablecoin is emerging as a new key means of determining our economic competitiveness. Policy and monetary authorities are focusing on preparing strategies to maintain a stable financial system and secure leadership in a rapidly changing global payment and settlement order. In line with this, domestic operators are also responding quickly to secure a competitive advantage in the era of stablecoins. More than 23 companies, including the domestic financial sector, big tech, and fintech, applied for more than 275 trademarks, jumping into the competition to dominate the market. Platform companies such as Naver and Kakao are using their own ecosystem based on a wide range of payment and transaction networks and infrastructure, while expanding their business by collaborating with virtual asset exchanges. The banking sector is promoting a joint won-linked stablecoin project, and the credit card industry is also seeking joint measures to respond to the introduction of stablecoins, centering on the Credit Finance Association. Currently, more than 80% of stablecoins are used for investment purposes such as arbitrage trading and liquidity supply through centralized and decentralized exchanges in the global virtual asset market. Stablecoin enables 24-hour, 365-day global real-time payments that the existing financial system has not been able to provide and can create value beyond time and space constraints. Fast and inexpensive transactions can be realized by overcoming the limitations of the existing international remittance market such as high cost and low efficiency and combining them with smart contract-based automated financial services. 사진 확대 ChatGPT However, technical completeness or institutional foundations alone cannot guarantee success. A strategy that comprehensively considers demand creation, ecosystem expansion, global linkage, and regulatory response in an actual use environment is needed. In particular, in order for won stablecoins to achieve sustainable growth amid strong competitors such as USDT and USDC, which have already dominated the global market, they need to secure differentiated areas of use and clear value. From this point of view, we look at the five success strategies of KRW stablecoins proposed by Samjeong KPMG. First, businesses such as big tech, financial companies, and virtual asset exchanges should create network effects by linking scalable business models with various industries such as payment, games, distribution, and imports and exports, not limited to their own areas. Hwang Tae-young, managing director of Samjeong KPMG’s stablecoin advisory team, said, “The initial market preoccupancy speed is important as the stablecoin market shows a network effect in which the share of existing strong players such as USDT and USDC is strengthened over time.” Since Korea already has a world-class payment and settlement infrastructure, it is difficult to differentiate itself in the real economy only by simple issuance. Therefore, issuers come up with specialized strategies to create specific markets and demand, and innovative cooperation and combination of ideas between private operators are also essential. In the process of forming a new collaboration system, there is also a possibility of limiting consumer access due to weakening existing partnerships or spreading on-chain transactions, so the existing customer lock-in effect and new demand creation should be considered at the same time. Second, infrastructure based on the entire life cycle and ecosystem must be expanded. It is essential to develop a business model and maintain infrastructure that encompasses not only the issuance and distribution of won stablecoins, but also the entire process such as investment, consignment, storage, redemption, and incineration. Publishers must have a robust and reliable technical framework across operations, security and design. In the case of public blockchain-based, it is necessary to secure technical capabilities that organically link various exchange and wallet environments, fee structures, and transaction methods through multi-chain strategies. To this end, smart contracts, reserve management systems, safe digital asset custodian solutions, payment settlement, and liquidation infrastructure that will stably implement core functions such as issuance, incineration, and transmission should be established in stages, and a system to link with existing financial networks should also be prepared. It is important to form strategic partnerships between regulators, financial institutions, and technology companies based on the public-private cooperation system, and securing technology completion and service stability through collaboration with blockchain technology or payment and settlement infrastructure companies is the key to strengthening competitiveness. Third, it is necessary to secure trust and comply with compliance to continue the market’s trust. Choi Yeon-taek, managing director of Samjeong KPMG’s stablecoin advisory team, said, “We need a systematic mechanism to maintain transparency and stability throughout issuance and operation. We need to continue to secure market trust by comprehensively strengthening risk management, compliance response, and data-based monitoring systems.” Issuers must meet licensing standards such as capital requirements, separate storage of reserves, repayment obligations, and composition of reserve assets, and ensure transaction transparency by having a real-time proof and verification system using on-chain and off-chain data. Smart contract security checks, liquidity and collateral risk management, and internal control systems advancement are essential, and anti-money laundering (AML) and customer identification obligations (KYC) implementation capabilities should be strengthened in line with the global level. It is necessary not only to prepare independent audit reports and disclose periodic information, but also to secure financial and digital technology professionals and strengthen cooperation systems between departments. Fourth, global expansion strategies must be advanced. Stablecoin is recognized for its competitiveness in the global payment network due to its low fees, real-time settlement, and ease of cross-border remittance, and its use is expanding to various fields such as e-commerce, remittance of overseas workers, and internal payments of multinational companies. Non-core currency countries such as Singapore and Hong Kong are obligated to acquire licenses and comply with compliance when issuing and distributing them, laying the foundation for global interoperability and international distribution. “Domestic companies should comprehensively analyze user behavior, regulation, and global strategies and expand strategic alliances with overseas financial institutions and fintech,” said Kim Se-ho, executive director of Samjeong KPMG’s stablecoin advisory team. “After developing a service model tailored to local regulations, we should maintain a global competitive advantage by securing linkages with blockchain technology standards and payment networks.” Finally, a mid- to long-term digital business expansion strategy should be established. As the digital asset policy and industrial environment change rapidly, it is essential to establish mid- to long-term business strategies linked to company-wide strategies beyond short-term responses. Opportunities to enter and expand new markets are expanding as regulatory reform, international standards discussion, and industry promotion policies in major countries are accelerating. The digital asset industry has growth potential in finance, settlement, storage and trust, token securities, public services, certification, and data management, and demand for real-time international remittances, safe asset storage, and institutional investor services is increasing. Companies should pursue a strategy that encompasses market analysis, regulatory evaluation, technology roadmap, and global cooperation, not limited to issuing stablecoins in Korean won. Initially, it is necessary to focus on regulatory response and capacity building and diversify the business by linking global payment networks, tokenized asset platforms, and digital identity authentication in the mid to long term. The won stablecoin is emerging as a key asset that determines corporate competitiveness and leadership in national payment settlement in the digital financial ecosystem at home and abroad. For successful introduction and expansion, market trust, technology stability, regulatory compliance, global connectivity, and mid- to long-term strategies must be organically combined. “The innovative strategy centered on stablecoins will be a key factor in creating new growth opportunities in the digital economy beyond simple financial innovation and determining the future competitiveness of companies,” said Hwang Tae-young, managing director. “It is essential to secure market trust and technology stability while strengthening global connectivity.” [Reporter Hong Soon Bin’s turn] Most Read News 1 Today’s horoscope is August 20, 2025 (June 27th) 2025-08-19 17:43:47 2 The financial authorities need to come up with countermeasures as the intermediate termination rate .. 2025-08-20 09:25:53 3 Starfield Market will be born in Daegu and Gyeongbuk this time, following Jukjeon, Ilsan, and Dongta.. 2025-08-20 10:23:11 4 First lady Kim Gun-hee reportedly expressed her feelings that she is even preparing for her death to.. 2025-08-20 10:54:24 5 Ahead of the increase in the deposit protection limit next month, the market is paying keen attentio.. 2025-08-20 16:01:31 6 South Korean semiconductor companies were shocked when the Donald Trump administration changed to ge.. 2025-08-20 17:58:00 7 The presidential office said on the 20th that the government will leave behind the era of hostility .. 2025-08-20 11:05:59 8 Kakao will reorganize Kakao Talk extensively. 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