Michaela
Lee Kwang-jae, a three-term South Korean lawmaker, former Secretary-General of the National Assembly, and professor at Myongji University, has said that demand for won stablecoins could grow if they were allowed on global crypto exchanges, recommending platforms like Binance and Coinbase to enable trading for international users.
Key points:
- Lee Kwang-jae urges that won-denominated stablecoins be listed on global exchanges like Binance and Coinbase to boost international demand.
- He recommends opening domestic exchanges to foreigners and encouraging major companies like Samsung to enter the stablecoin market.
- Lee emphasizes using won-pegged coins for culture, education, and healthcare, and suggests a joint government–Bank of Korea approach for stablecoin development.
“Foreigners must be able to easily trade won-denominated stablecoins on overseas exchanges to secure international acceptance,” Lee stated in an interview with Seoul Economic Daily. Lee also emphasized the the importance of allowing foreigners access to domestic crypto exchanges such as Upbit and Bithumb. Non-residents cannot open real-name accounts, effectively barring them from trading cryptocurrencies in South Korea.
“Global demand will only be generated when foreigners can enter the Korean market and freely trade won-denominated coins,” Lee added.
The South Korean government has reportedly been advised to encourage major corporations, including Samsung Electronics, to enter the stablecoin market. Lee predicted that Samsung and Apple could eventually compete in this space, with Samsung’s device market dominance making a won-denominated stablecoin integration especially impactful.
“Based on these distribution networks, we should build K-platforms in areas like culture, education, healthcare, and storytelling to facilitate the use of won-denominated coins. Only by expanding the use of coins at the national level can they truly gain value,” Lee stated. Using the Korean won as a payment option for performances, dramas, webtoons, online education, telemedicine, and healthcare platforms could expand access for consumers around the globe.
Furthermore, Professor Lee observed that while stablecoins are gaining global attention, the Bank of Korea has been cautious in its approach. Abroad, private firms like Tether, which issues USDT, and Circle, issuer of USD Coin (USDC), lead the market, emphasizing a trend away from bank-centered stablecoin issuance.
Lee argued that focusing primarily on banks is outdated and suggested that a Korean won–pegged coin should be developed collaboratively by the government and the Bank of Korea.
Looking ahead, the evolution of won stablecoins could reshape South Korea’s position in the global digital finance landscape, offering new avenues for innovation, cross-border commerce, and broader adoption of blockchain-based payment systems. As regulators and private players continue to explore this frontier, the coming months may set the tone for how the country balances technological progress with financial oversight.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
