Delay in Introducing Won Stablecoin Risks Losing Leadership in Overseas Payments

On the 10th, Professor Song Mintae of Hanyang University warned at a forum held by the Korea Financial Investment Association that the delay in introducing the won stablecoin could lead to a loss of leadership in overseas payments. He emphasized that stablecoins possess competitive advantages beyond merely reducing remittance fees, highlighting the importance of shortening payment times and improving fund management efficiency. As a real-world example, he noted that a domestic company took seven minutes to transfer $20,000 worth of USDT from its U.S. subsidiary to its Mexican subsidiary last July. Professor Song mentioned that stablecoins could also be utilized for corporate payments and settlements, citing examples of stablecoin settlements by Visa and Mastercard in the U.S. He projected that the role of stablecoins would grow in a market where AI replaces payments, stating that the won stablecoin needs to go global. Additionally, he called for a cautious approach regarding the limitations on issuing entities centered around banks and emphasized the need for specific standards and regulatory sandboxes to activate the won stablecoin.

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