The United States has passed a law that could be a 'game changer' in the stablecoin market. The 'US Stablecoin Innovation Act (GENIUS Act)' signed by President Donald Trump on July 18 clearly defines issuer registration, reserve regulations, and disclosure obligations while encouraging private experimentation within the regulatory framework. Although Trump joked that it was "so good that I named it after myself," the significance of this law is by no means light. The United States has both cleaned up the murky market with clear regulations and seized the initiative in global payment innovation.
Stablecoins are cryptocurrencies backed by real assets such as dollars. Unlike Bitcoin or Ethereum, they have low price volatility, making them suitable for payments and remittances. Particularly, while existing systems require a $15 bank transfer fee or a 2% card payment fee, stablecoins can complete transactions within minutes at a cost of less than 10 cents. With the US regulatory cleanup, the market is expected to grow from $260 billion currently to $2 trillion by 2028.
However, the European and Korean perspectives remain cold. The European Central Bank (ECB) and the Bank of England warn that stablecoins could replace central bank currencies and harm financial stability. The Bank of Korea also shows similar concerns but has recently shown a change in attitude. As discussions about allowing won stablecoins to non-bank institutions gained momentum, the Bank of Korea proposed a plan to recognize non-bank issuance after review by a 'unanimous inter-agency committee'. This is similar to the 'Stablecoin Certification Review Committee' model in the US GENIUS Act. The Bank of Korea, which had adhered to a CBDC-centered approach, has inevitably put forward a compromise plan considering private entry. However, concerns about currency trust erosion, financial market risk transfer, and monetary seigniorage remain.
The problem is that Korea might fall behind in this trend. Stablecoins are not just cryptocurrencies but are becoming an 'international payment infrastructure' called digital dollars. In emerging countries like Turkey and Nigeria, dollar stablecoins are already widely used as a means of inflation avoidance. In contrast, Korea has neither a clear won stablecoin experiment nor a global stablecoin utilization strategy. While excessive regulations block innovation, the United States appears to be leading the digital financial order.
Of course, there are risks. If a large stablecoin issuer collapses, it could shock the entire financial system, similar to the 2008 money market fund crisis. However, the United States has mandated 100% reserve holdings and transparent disclosure for issuers. It has institutionally balanced innovation and safety, in contrast to Korea's ambiguous regulations.
Now, Korea must ask: "Will we block stablecoins or manage and utilize them?" If the Bank of Korea and financial authorities cannot provide a clear answer, the future of digital payments is likely to fall into the hands of the United States and global private companies. It is not the time to ignore private innovation under the pretext of financial stability. Allowing innovation under clear regulations is the real path to financial stability.
✔ Global digital asset research institution Messari has published its annual report 'State of Stablecoins 2025' on the 22nd, focusing on the structural changes and future direction of the stablecoin industry. The report is being exclusively distributed in official Korean translation through TokenPost, the largest digital asset specialized media in Korea.
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