Blueprint for a Korean Won-Based Stablecoin for the Digital G2 Future

In recent years, the supply and utilization of stablecoins have grown exponentially. In 2024, the annual on-chain stablecoin transaction volume was recorded at approximately $27.6 trillion, surpassing the combined payment processing volume of Visa and Mastercard (approximately $23.8 trillion) during the same period. As of March 2025, the aggregate market capitalization of the top 10 stablecoins reached approximately $221.2 billion, with Tether (USDT) and Circle (USDC) accounting for roughly $143 billion and $58 billion respectively, together dominating nearly 90% of the entire market. Stablecoins are increasingly being leveraged not only to provide liquidity within cryptocurrency trading markets but also across real-economy sectors, including cross-border remittances, trade settlements, and store of value. The driving force behind this rise of stablecoins lies in their core attributes of value stability and transactional efficiency. Unlike highly volatile assets such as Bitcoin, stablecoins are pegged to fiat currencies like the U.S. dollar or the euro, providing a relatively stable unit of account. This enables global users to transfer value rapidly and cost-effectively, circumventing the delays and high transaction fees characteristic of legacy finance. Furthermore, it empowers emerging markets to facilitate international trade settlements or payroll distributions without requiring traditional bank accounts. For instance, SpaceX utilizes stablecoins to repatriate Starlink sales revenues from Argentina and Nigeria to its headquarters, while AI data provider ScaleAI disburses payments to its global contractors via stablecoins to avoid currency exchange frictions and processing delays. While stablecoins present immense potential to transform global financial infrastructure and payment systems, concerns regarding reserve asset transparency and regulatory vacuums continue to be raised. This report comprehensively examines the overarching issuance infrastructure of stablecoins and provides strategic implications by analyzing diverse issuance models, regulatory frameworks, and key case studies. The scope is specifically focused on fiat-pegged, asset-backed stablecoins, while un-regulated variants such as algorithmic stablecoins are excluded from the scope of analysis. First, it delineates the structure of the stablecoin issuance pipeline alongside the roles of its respective participants, and explores the regulatory and experimental trends across major jurisdictions. Subsequently, the report analyzes the case studies of prominent stablecoin issuers and infrastructure providers, concluding with a comprehensive review of stablecoin adoption across the legacy financial sector and the fintech industry.