South Korean Presidential Candidate Lee Jae-myung Proposes Won-Backed Stablecoin and Crypto ETF Legalization
Lee Jae-myung, a leading contender in South Korea’s June 2025 presidential election, has unveiled a bold cryptocurrency agenda aimed at reshaping the nation’s digital economy. The centerpiece is a South Korean won-pegged stablecoin designed to reduce reliance on dollar-denominated alternatives like USDT and USDC. This sovereign digital currency promises near-instant settlement for transactions across urban and rural areas alike.
The proposal comes with stark warnings about capital flight, suggesting current dollar-based stablecoin usage drains billions annually from domestic markets. Lee’s platform also includes plans to authorize spot cryptocurrency ETFs, potentially opening floodgates for institutional investment through regulated exchanges.
