South Korea's biggest political party hopes that Koreans will quickly track KRW's Stablack, taking the page establishing the stubcoin bill from the recent moves of the Trump administration.
According to a report from local media Edaily, South Korean Democrats are pushing for the government to begin institutionalizing South Korea's winning stubcoin. Min Bion Deok, chairman of the party's Digital Assets Committee, believes that the global stubcoin market could “be bigger than artificial intelligence and semiconductors” in the near future.
Min emphasized the urgency of institutionalising stablecoins, which were fixed in South Korea's victory. He sees it as a way to not only strengthen the nation's Fiat currency through crypto, but also as a potentially increasing global demand for won assets.
“We need to lead the stylization of institutionalization before US dollar-based stubcoins are firmly established. It is the only way we can secure a solid position in the global battle for stubcoins hegemony,” Min said in a statement.
On May 26, 2025, all five stub coins with market capitalization were fixed in the US dollar. Source: Coingecko
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At the moment, South Korea's Democratic presidential candidate Lee Jae-myeon is at the forefront of being led by the South Korean presidential election. Internal sources argue that Lee is interested in accelerating the deployment of KRW Stablecoins, and aims to quickly establish them before we establish the Stablecoin bill.
These regulations could put control over locations such as Circle (USDC) and Tether (USDT) US dollar-backed stubcoin.
“These two (stable) coins account for 90% of the US stable market and are also used in some parts of South Korea, such as Dongdamun, where many foreign payments are made,” Min continued.
Min said he is now urging South Korean lawmakers to pass the Stubcoin bill in a work draft entitled “Fundamental Acts on Digital Assets.” Min reportedly conducted a second review process with industry experts and the media. He plans to submit the bill after his third review.
Most recently, the Guidelines and Establishment of National Innovation for the US Stubcoin Act of 2025, or Genius Act, passed a US Senate vote, winning 66 votes. Currently heading towards a full floor voting, it is approaching formalisation as the first US stubcoin bill.
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