The Case for KRW Stablecoins and Proposal for a Legislative Framework

Recently, the Trump administration has been clarifying its highly favorable policy stance toward the crypto industry. During the election campaign, it proactively pledged pro-crypto policies, including declaring the U.S. as the "Crypto Capital," deregulation, replacing the chair of the U.S. Securities and Exchange Commission (SEC), and providing industry-wide support. This trajectory can hardly be dismissed as a mere electoral strategy or a transient backlash against the previous administration. Indeed, even after taking office, the administration has maintained a consistent policy orientation through executive orders and the exercise of its appointment powers. Most recently, it has exhibited an even more aggressive posture by appointing David Sacks as the "Crypto Czar" to oversee overarching AI and crypto policies. This strategic policy direction transcends a simple attempt to foster a specific isolated sector; it must be understood within a broader global and macroeconomic context. This is because it is inextricably linked with macroeconomic determinants, such as the United States' international trade strategies, sovereign debt demand, geopolitical hegemony competitions, and the maintenance of global leadership. Stablecoins are garnering significant institutional attention across multiple dimensions: their potential as the future format of money, their role as a primary source of demand for U.S. Treasuries, new commercial opportunities for legacy financial institutions, and their supplementary function in expanding reserve assets. Consequently, major jurisdictions including the United States, the European Union, and Japan are treating the institutionalization and codification of stablecoins as a paramount priority, aggressively advancing legislative processes. The future of the global economy can be distilled into several core paradigms: Digital, AI-driven, IoT, Humanoids, 24/7, Borderless, and Stateless. Amidst these shifting dynamics, a novel form of currency is imperative to support this future economic architecture, and stablecoins present themselves as the definitive answer. “You cannot develop the economy of the future without the money of the future.” If South Korea capitalizes on the intrinsic strengths of a 'KRW-pegged stablecoin' while maintaining its domestic manufacturing competitiveness, the Korean Won will be well-positioned to sustain its competitive edge against foreign fiat currencies. Therefore, now is the critical juncture where institutional and strategic deliberations, deep academic research, and bold innovations are absolutely imperative.