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South Korea’s Democratic Party Pushes for Expedited KRW Stablecoin Launch to Compete with US Dollar Dominance
South Korea’s Democratic Party Pushes for Expedited KRW Stablecoin Launch to Compete with US Dollar Dominance
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Lawmakers from South Korea’s Democratic Party, led by presidential frontrunner Lee Jae-myung, are urging the government to accelerate the development of a Korean won-pegged stablecoin. The MOVE aims to preempt the global dominance of US dollar-based stablecoins before they solidify their market position.
Min Byoung-dug, chairman of the party’s Digital Asset Committee, framed stablecoins as a strategic industry comparable to semiconductors or artificial intelligence. "South Korea is an internet powerhouse," Min told Edaily. "We must institutionalize stablecoins early to secure our position in the coming battle for stablecoin hegemony."
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