Stablecoin Rules Stall as Tether Sees Bigger Korea Export and Trade Opportunity

At the Global Stablecoin Trends and Korea’s Digital Economy Opportunity seminar held on May 12 at the National Assembly Members’ Office Building in Yeouido, Seoul, overseas crypto companies called for fostering won stablecoins and advancing the Digital Asset Basic Act. Their view was that stablecoins could serve as a payment and investment link for Korea, an economy centered on exports and trade. People Power Party lawmaker Kim Sang-hoon said discussions would move ahead after local elections based on submitted bills, while Democratic Party lawmaker Min Byung-dug described a won stablecoin as a tool to connect Korea’s economy and industries in the digital environment. DCGG said outcomes differ depending on national regulatory approaches. Tether pointed to global demand for K-pop, cosmetics and technology, saying stablecoins could help spread Korean products and content. First Digital said dollar stablecoins would likely retain dominance for now, but won stablecoins could also bridge global investors and the Korean market. Source: hankyung.com