South Korea’s National Assembly Budget Office said on September 8 that won-denominated stablecoins could reduce annual merchant payment fees by between 370 billion won and 5.15 trillion won. The estimate depends on how much card spending shifts to stablecoins and the fees charged by those payment systems, with the upper-end savings reaching 5.15 trillion won a year.
The office said South Korea has not yet introduced a won-based stablecoin, while dollar-linked stablecoins currently dominate domestic stablecoin trading. Lower transaction costs could strengthen the competitiveness of won-based payment infrastructure, but the report also warned that links between stablecoins and other financial markets could intensify under conditions such as geopolitical conflict or a stronger US dollar.
The report called for continued improvements to digital payment infrastructure, gradual institutional reforms to support monetary sovereignty, and both micro- and macro-level market stabilization measures. The next policy focus is building a regulatory framework for won stablecoins, including reserve-asset rules, limits on rewards and safeguards for systemically important stablecoins.
Source: National Assembly Budget Office.
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