Odaily Planet Daily News - South Korean presidential candidates are engaged in a heated debate over stablecoin policy. On May 8, Lee Jae-myung, the candidate of the largest opposition party, the Democratic Party, asserted that 'the Korean won stablecoin market should be established as soon as possible,' warning that otherwise the country would face 'national wealth outflow.' This proposal was strongly opposed by Reform Party candidate Lee Jun-sik, who cited the 2022 Terra crash case, pointing out that the algorithmic stablecoin KRT led to disastrous consequences due to a lack of backing by actual assets. Supporters of Lee Jae-myung, including former lawmaker Kim Byung-wook, countered that global regulators have clearly distinguished between algorithmic stablecoins and compliant stablecoins backed 1:1 by cash/government bonds, and that a Korean won stablecoin could reduce cross-border remittance costs. Industry insiders revealed that this is the first time South Korean politicians have openly engaged in a technical debate on crypto assets, and the election results may determine the direction of the country's crypto regulation. The election will take place on June 3. (Cryptonews)