Democratic Party lawmaker Min Byung-duk stated on the 15th that the US stablecoin regulation GENIUS Act will be implemented on January 18 next year, urging South Korea to accelerate discussions on won-denominated stablecoins. Speaking at the 'US Digital Asset Hegemony Strategy and South Korea's Response' seminar held at Hotel Naru in Mapo-gu, Seoul, Min said "The US GENIUS Act will be implemented on January 18 next year, and we must urgently discuss won stablecoins." Min explained that a won stablecoin is necessary to prevent dollar stablecoins from immediately eroding the Korean market, noting that approximately 200 stablecoins are currently being prepared in the US. He emphasized that while South Korea possesses technology and demand, delayed regulations and lack of infrastructure risk sending opportunities overseas.
Global Stablecoin Market Exceeds $300 Billion
Min cited specific market figures during his address, stating that the global stablecoin market has already exceeded $300 billion. According to his remarks, Tether's USDT accounts for approximately $180 billion and Circle's USDC represents about $70 billion in market size. He noted that these two dollar stablecoins alone combine to exceed $250 billion, with new players including USD1 and OpenUSD (OUSD) entering the market. Min described this as evidence that "a massive digital dollar market has already been created."
Korean Companies Join OpenUSD Partnership
Min disclosed that major Korean companies are participating as initial partners in OpenUSD alongside global financial institutions. He identified Samsung Electronics, Shinhan Financial Group, and Dunamu among the Korean entities joining the initiative, which also includes BlackRock, Google, Coinbase, Visa, Stripe, and Mastercard. Min characterized this participation as a signal that "the influence of dollar stablecoins is already entering our industry."
Min Byung-duk Calls Won Stablecoin Essential for Payment Sovereignty
Min argued that a won stablecoin is necessary to maintain control over domestic payment infrastructure and data. He stated, "A won stablecoin is needed so that dollar stablecoins cannot immediately erode the Korean market." Min explained that payment markets are "habit-based markets" where standards, once established, become difficult to reclaim. He emphasized that payment networks control not only transaction flows but also data and fee-based industries. Min warned that the current pace of domestic regulatory discussions is "dismal" compared to US preparations, stating "We have technology, but regulations are slow. We have demand, but there is no infrastructure. When that happens, opportunities escape overseas."
FAQ
What did Min Byung-duk say about the US GENIUS Act implementation date?
Min Byung-duk stated on the 15th that the US GENIUS Act will be implemented on January 18 next year. He made this statement during a seminar on US digital asset strategy held at Hotel Naru in Mapo-gu, Seoul.
Why does Min Byung-duk argue South Korea needs a won stablecoin?
Min argued that a won stablecoin is necessary to prevent dollar stablecoins from eroding the Korean market. He explained that payment markets are habit-based, and once a standard is established through payment networks, it becomes difficult to reclaim control over transaction data and fee-based industries. Min emphasized that maintaining a won-based digital payment infrastructure is essential for protecting domestic payment sovereignty.
