Korean Stablecoin Investors: Who Are They?

Following the inauguration of the Trump administration in the United States, a series of stablecoin-related bills have been introduced in the U.S. Congress. Most notably, the Republican-led 'GENIUS Act,' introduced in the Senate, stands as the flagship legislation. On March 14, the U.S. Senate Committee on Banking, Housing, and Urban Affairs passed the GENIUS Act with 18 votes in favor and 6 against. The bill stipulates that the Federal Reserve (Fed) will supervise banks with stablecoin issuance exceeding $10 billion; the Office of the Comptroller of the Currency (OCC) will oversee non-bank issuers exceeding $10 billion; and state governments will regulate issuers with stablecoin volumes of $10 billion or less. Furthermore, it mandates that stablecoin reserve assets must consist of U.S. dollars, deposits, U.S. Treasury bills with maturities of 93 days or less, U.S. Treasury-backed repurchase agreements (RPs) with maturities of 7 days or less, and central bank reserves. According to local reports, the bill is slated to be referred to the full Senate, after which it is projected to achieve final passage around May following House approval and presidential signature. On March 20, President Trump delivered a virtual address at Blockworks' Digital Asset Summit, emphasizing that clear regulations act as a catalyst for innovation in the cryptocurrency industry and arguing that the United States must maintain its global financial hegemony. Alongside this, he viewed stablecoins as a crucial mechanism for reinforcing the U.S. financial system and sustaining the global status of the dollar, urging Congress to swiftly pass the legislation. As the United States proactively maneuvers to solidify the dollar's status as the reserve currency within the crypto market via stablecoins, other jurisdictions—including South Korea—are anticipated to accelerate the establishment of institutional frameworks for issuing stablecoins backed by their respective domestic fiat currencies. Amidst these shifting dynamics, Hashed Open Research conducted a survey in February 2025 through Opensurvey, a consumer data platform, to identify domestic users with stablecoin investment experience, building upon its previous study on local virtual asset investors. Through this research, a cohort of 300 experienced stablecoin investors was extracted, and a comprehensive survey was executed to evaluate their primary holding purposes, portfolio scales, and related behaviors.