Now is the time to run on KRW stablecoins.

Over the past year, discussions regarding Korean Won stablecoins have remained focused solely on regulatory directions (“What”), such as issuing entities, reserve asset requirements, and supervisory authority. Now is the time to translate the language of regulation into a technically feasible structure (“How”), and to discuss how to run, rather than who starts.

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Now is the time to talk about how to run, not who will start.

• Since the Korean Won stablecoin was officially announced as a presidential election pledge in June 2025, more than eight related bills have been submitted to the National Assembly, and its issuance is a foregone conclusion.

• The problem is speed. While discussions hesitated, dollar stablecoins captured over 99% of the global market, and trading volume on the top five domestic exchanges more than tripled compared to the same period last year, reaching 57 trillion won.

• Beyond repeated discussions, it is now time to talk about how to run, not who starts.

What Was Discussed During a Year of Discussions?

• From July 2025 to February 2026, more than seven major debates were held in the National Assembly and academia, and the focus of the discussions was on the issuing entity, reserve asset requirements, and supervisory authority.

• Although the conclusions differed at every event, the direction was the same. The question of under what conditions Korean Won stablecoins would be allowed was repeated throughout the year.

What regulations failed to say

• The discussions over the past year have not gone beyond the three pillars of issuing entities, supervisory authority, and risk warnings. In fact, how the Korean Won stablecoin should actually operate has never once been on the official agenda.

• The decision to allow issuance is just the beginning. Without discussion on how to actually implement it, even a good regulation is nothing more than a piece of paper.

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