South Korea’s Opposition Leader Proposes Won-Backed Stablecoin to Challenge USDT Dominance

In a bold move to address South Korea’s significant cryptocurrency outflows and reduce dependency on foreign stablecoins like USDT and USDC, opposition leader Lee Jae-myung has proposed the creation of a won-backed stablecoin. This initiative, announced on May 20, 2025, is part of a broader digital asset strategy that also includes legalizing spot crypto ETFs and other financial innovations. The proposal aims to curb the country’s $40.8 billion crypto outflow by offering a locally regulated alternative to global stablecoins. This development could reshape the stablecoin landscape in Asia and challenge the dominance of USDT and USDC in the region.

South Korea’s Opposition Leader Proposes Won-Backed Stablecoin to Curb Crypto Outflows

Lee Jae-myung, South Korea’s opposition leader and Democratic Party presidential candidate, unveiled a plan to launch a won-backed stablecoin on May 20. The proposal aims to stem the country’s $40.8 billion cryptocurrency outflow and reduce reliance on foreign stablecoins like Tether (USDT) and USD Coin (USDC).

The broader digital asset strategy includes legalizing spot crypto ETFs and permitting institutional investments under government oversight—a potential turning point for South Korea’s crypto policy. Lee emphasized stablecoins as a tool to preserve national wealth and modernize financial infrastructure during recent public appearances, including a policy speech with economics-focused YouTubers.

Tron Surpasses Ethereum in USDT Transfer Volume, Cementing Stablecoin Dominance

Tron has eclipsed ethereum as the leading network for USDT transactions, processing $23.4 billion in daily transfer volume alongside 2.4 million transactions. The blockchain’s cost efficiency and scalability have propelled it ahead in the stablecoin payments race, with TRX gaining over 10% in May as adoption grows.

While solana maintains higher overall network revenue, Tron’s surge highlights a broader shift toward high-throughput, low-fee stablecoin infrastructure. CryptoQuant data confirms Tron’s emergence as the premier USDT settlement layer, signaling potential long-term reordering of blockchain payment hierarchies.

Upbit’s MANTRA (OM) Listing Triggers 15.7% Surge Following April Price Crash

MANTRA (OM) has secured a listing on Upbit, South Korea’s largest cryptocurrency exchange, sparking a 15.7% price surge. Trading for OM will commence on May 21 at 15:00 Korea Standard Time (KST), with support for KRW, BTC, and USDT markets.

The announcement reversed some of OM’s losses from its April 13 crash, with trading volume jumping 154.4% as investors repositioned. At press time, OM traded at $0.44, demonstrating how exchange listings remain powerful catalysts in crypto markets.

Upbit simultaneously revealed support for five additional tokens: Access Protocol (ACS), GoChain (GO), Observer (OBSR), Quiztok (QTCON), and Rally (RLY). The exchange continues to expand its altcoin offerings despite regulatory scrutiny in the Korean market.