South Korea is the only developed nation without short-term treasury bonds, a factor hindering the introduction of KRW-backed stablecoins. A recent analysis by the Korea Capital Market Institute (KCMI) emphasizes the need for these bonds to support stablecoin reserves. KCMI senior research fellow Kim Pil-kyu argues that regulatory improvements, including the issuance of short-term treasury bonds, are crucial. He points to the U.S. model, where dollar-denominated stablecoin issuers primarily hold short-term treasury bonds. These bonds, with maturities of one year or less, provide both stability and liquidity, essential for reliable payment methods. Without them, establishing confidence in KRW stablecoins becomes challenging, potentially delaying their adoption and limiting innovation in the Korean cryptocurrency market. The absence of this financial tool creates a significant barrier to the growth of the digital asset ecosystem in South Korea. ```