Krutika Adani
Why South Korea Wants Its Own Stablecoin
Newly elected President Lee Jae Myung is pushing to legalize Korean won-pegged stablecoins to fight capital outflows and reclaim monetary independence. The goal? Reduce USD reliance and power local digital innovation.
Critics Warn: ‘Won Can’t Compete with the Dollar’
Experts argue the KRW lacks global demand and stablecoin adoption could backfire — enabling speculation, capital flight, and creating a backdoor for state surveillance under the guise of private-sector tokens.
Stablecoins for K-Content, E-Commerce, and Travel
Lawmakers say demand is real. Korea’s export industries, from gaming to cosmetics, need efficient cross-border payment rails — and a won-backed stablecoin could cut costs and boost access.
Regulation or Overreach?
The Digital Asset Basic Act promises private-sector-led stablecoins, not central bank digital currencies (CBDCs). However critics say the plan lacks focus on decentralization and user