The Impact of Stablecoin Finance Announced by Mirae Asset Securities (We share the perspectives of Korea's leading financial companies on stablecoins and Bitcoin.) 1. The financial innovation we are witnessing today is not simply the emergence of new financial products. It is closer to a process of transforming the core infrastructure that has supported the financial industry. 2. Lee Yong-jae, Head of the Digital Asset Business Division at Mirae Asset Securities, describes this change as a "structural shift in which the foundation of finance is shifting to blockchain." 3. The financial system is largely comprised of two elements: money and financial products. 4. In a blockchain environment, these two elements are reconfigured into new forms. Money is converted into stablecoins, and assets with economic value are converted into RWA (Real Asset Tokenization) or tokenized securities (ST). 5. Crucially, these two elements operate on the same network. This enables real-time settlement finality, where transactions and settlements are completed simultaneously. 6. Settlement delays like T+2 and the complexity of cross-border payments, once taken for granted in the existing financial system, will naturally disappear. 7. Interestingly, this shift is driven by suppliers, not consumer demand. Unlike many technological innovations that stem from user inconveniences, financial institutions are leading the charge in digital asset infrastructure changes. 8. Financial institutions like BlackRock, JP Morgan, and Mirae Asset recognize that adopting blockchain can reduce operating costs, accelerate product launches, and ultimately generate greater profits. 9. Therefore, even if demand from individual investors has not yet exploded, the financial landscape is gradually being reshaped by suppliers taking the lead in infrastructure changes. 10. Asset tokenization is also evolving within this trend. While discussions initially focused on atypical assets like art and rare assets, it is highly likely that the tokenization of tangible financial assets like stocks, bonds, and funds will become a key focus in the future. 11. This is a strategy for operating existing financial products more efficiently, rather than creating an entirely new market. 12. Furthermore, while initially likely to begin on private blockchains due to regulatory risks, in the long term, integration with public blockchains with global liquidity will become essential. 13. In this process, stablecoins will go beyond mere payment methods and become a core currency in the on-chain economy. A significant portion of the younger generation's assets already reside in blockchain-based environments, and financial institutions will inevitably migrate their financial products to on-chain platforms to secure them as customers. 14. Stablecoins offer the immediacy of cash transactions and the convenience of digital transactions, creating a financial environment that enables instant settlement 24/7. 15. This shift is rapidly unfolding, particularly in the United States. The United States has already begun to recognize the digital asset market not simply as an investment vehicle, but as a key area of financial infrastructure and industrial strategy. 16. Institutional investor participation is expanding, and efforts to apply blockchain to the actual financial system are gaining momentum. 17. Some policy trends are recognizing Bitcoin as a new asset class, or even strategically seeking to strengthen the dollar's global influence through the digital asset industry. 18. Ultimately, this change signifies a comprehensive restructuring of financial operations. In the future financial system, accounts will likely exist as wallets, payment methods as stablecoins, and financial assets as tokens. 19. The backend infrastructure of finance is rapidly evolving, as evidenced by the New York Stock Exchange's consideration of tokenizing listed stocks and enabling 24-hour trading. 20. Users may not perceive these changes significantly. However, behind the scenes, the way the financial system operates is undergoing a complete transformation. 21. This can be seen as a historic turning point, as the financial infrastructure that has existed for decades is being rebuilt on a new foundation: blockchain. x.com/BiteconKim/status/203153...