South Korean lawmaker calls for institutionalization of stablecoins

A South Korean lawmaker has called on the government to quickly institutionalize stablecoins, warning that delays could weaken the country’s payment sovereignty and global competitiveness. Speaking at the 8th Global Business Forum in Seoul, Congressman Min Byoung-dug of the Korean Democratic Party emphasized that stablecoins are no longer an option but have become an essential part of the modern financial system.

He believes that stablecoins are currently a crucial tool for cross-border payments, trade settlements, and remittances, noting that USD-pegged stablecoins are widely used worldwide. Min warned that if South Korea does not develop its own won-pegged stablecoin soon, the country could lose control over its monetary policy as businesses increasingly rely on foreign digital currencies.

The lawmaker also pointed out that USD stablecoins have already begun to be used domestically, from paying wages to foreign workers to international transactions by small businesses. In the context of developing the Basic Digital Asset Law, he emphasized that a won-pegged stablecoin could both protect monetary sovereignty and serve as a growth strategy if designed to leverage South Korea’s advantages.