In May 2025, the leader of the Democratic Party of South Korea and presidential candidate Lee Jae-moon proposed creating a market for stablecoins pegged to the Korean won to reduce dependence on the US dollar. The initiative aims to preserve 'national wealth' and prevent capital outflow abroad. According to Bloomberg, the ruling party introduced a bill on digital assets that allows companies with capital of at least 500 million won ($365,500) to issue stablecoins backed by reserves.
South Korea is one of the leaders in cryptocurrency trading: in the first quarter of 2025, transactions with stablecoins ($USDT , $USDC , $USDS) on local exchanges reached 57 trillion won ($41.7 billion). However, Bank of Korea Governor Lee Chang-yong expressed concerns that stablecoins pegged to the won could complicate foreign currency control and increase demand for dollar stablecoins.
This proposal reflects a global trend: stablecoins are becoming popular due to transparent regulation. For asset security, users are advised to use hardware wallets. Stay updated on cryptocurrency market news by subscribing to #MiningUpdates
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