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A South Korean lawmaker has urged the country to swiftly move forward with the institutionalization of stablecoins to protect its payment sovereignty. According to Rep. Min Byoung-dug of the Democratic Party of Korea, the move will also help the country stay competitive in a rapidly changing financial system. The Korean lawmaker made this known while speaking at the final session of the eighth Global Business Forum, hosted by Herald Business in Seoul. He urged the Korean government to work with traditional financial institutions to accelerate efforts to legalize and expand the use of stablecoins in the country. The Korean lawmaker also warned that if the country delays, it could leave the vulnerable behind as global payment standards evolve. Korean lawmaker urges government to institutionalize stablecoins Min, a member of the National Assembly’s Political Affairs Committee and a key figure in Korea’s crypto policy debate, mentioned that stablecoins are now here to stay. “Stablecoins are no longer a question of whether we should do them or not,” he said. “The only question left is how fast and how well we do them.” Min described stablecoins as an inevitable tool for cross-border payments, trade settlement, and remittances. The Korean lawmaker also highlighted that stablecoin tied to the value of the United States dollar have now become tools being used in global commerce. He warned that if the Korean government fails to approve the development of a stablecoin backed by the won in time, it could lead to the erosion of monetary sovereignty. Min noted that the dollar-pegged stablecoins have now become a new form of money that governments adopt. The lawmaker highlighted the characteristics of these forms of money, noting that they are faster and cheaper when used to make cross-border transactions. Min also added that Korean companies may soon be faced…

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Filed under: News - @ December 20, 2025 8:24 am