Stablecoins are the new foundation of the financial system in the digital era. The utilization of stablecoins in the global market is now a reality, not an experiment. Major countries in the United States, Europe, and Asia are rapidly spreading and integrating privately-led stablecoins into the institutional framework. According to the World Economic Forum (WEF), the total stablecoin transfer amount in 2024 reached a staggering $27.6 trillion. This figure exceeds the combined transaction volume of Visa and Mastercard during the same period. Private digital currency is practically replacing the global payment network built by traditional financial systems.
The United States has made its direction clear. President Trump explicitly opposed the issuance of Central Bank Digital Currency (CBDC) immediately after taking office and is pursuing measures to legally prohibit it at the federal level. Instead, it has adopted a strategy to institutionalize dollar-based private stablecoins and expand them into the international financial network. This is a policy decision that maintains dollar hegemony while acknowledging the innovation momentum of the private sector.
Under this trend, commercial stablecoins are rapidly spreading in the United States. JP Morgan is processing large-scale inter-institutional remittance transactions through 'JPM Coin', with cumulative remittance volumes exceeding $400 billion. PayPal has also launched its own stablecoin 'PYUSD' and integrated it into payment and remittance platforms in the United States. Circle (USDC) is also expanding into a commercial payment network by connecting with global payment providers. These are not mere experiments but a privately-led digital dollar ecosystem.
In contrast, Korea remains at the experimental stage centered on the central bank. Of course, there are changes. The Bank of Korea started the 'Digital Han River Project', a CBDC pilot experiment using 'deposit tokens' from April 2025. 100,000 general citizens are participating in experimenting with actual transactions using digital won. The Financial Settlement Agency and commercial banks are participating, and the project includes token-based settlement of digital bonds and securities. This is a progressive attempt. However, the structure remains closed, and linkage with the private ecosystem is insufficient.
More worrying is the regulatory approach to private stablecoins. In the National Assembly, discussions are intensifying to define stablecoin issuance as a pre-authorization target for the Financial Services Commission through the Digital Asset Basic Law. However, the virtual asset industry strongly opposes this. While overseas stablecoins circulate in regulatory blind spots, imposing licensing requirements only on domestic projects is clearly an equity issue.
The bigger problem is the lack of direction. The licensing-centered regulatory proposal emerged without specific definitions of the issuing entity, purpose of use, and supervision method. What is needed now is not regulation but design. Priority should be given to classifying and establishing standards for different types of stablecoins, such as payment, collateral, and asset-linked types, and then organizing a framework that allows private participation.
Foreign exchange regulations are also an obstacle. Korea is still classified as a 'partially capital-controlled country' according to IMF standards. The Foreign Exchange Transaction Act structurally blocks digital asset-based overseas remittances and cross-border settlements. This is why it is practically impossible for companies wanting to use stablecoins for overseas payments or trade. In contrast, Singapore, the United Arab Emirates, and the United States are accepting stablecoins as global utilization tools through foreign exchange flexibility.
What is needed now is not a choice but a parallel approach. CBDC is a government policy currency, while stablecoins are market-type currencies of the private sector with different purposes. One is a government policy tool, the other is a private innovation base. If Korea aims to be a global digital financial hub, it must strategize both simultaneously. Design comes before control, and building a utilization foundation precedes regulation.
Stablecoins are no longer a 'nice-to-have' option. They are the core of financial sovereignty in the digital era and the intersection where private innovation first blossoms. All systems, including foreign exchange policies, issuance regulations, and usage guidelines, must be redesigned with a focus on 'utilization' rather than 'blocking'.
Now is the time to transform stablecoins from a 'subject of control' to a 'strategic asset'. The true leadership of the digital economy emerges within an ecosystem designed together by the private sector and government.
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