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Summary

  • National Assembly Speaker Woo Won-shik said stablecoins are at the center of digital finance innovation and pledged to work on the related frameworks.
  • Woo said introducing a won-backed stablecoin could create about $25.9 billion in annual economic value through areas such as asset tokenization and AI payments.
  • He cited the global digital currency race involving the U.S., Europe, Japan and Hong Kong, and said South Korea should secure leadership in digital currencies to emerge as a leading country in finance.

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National Assembly Speaker Woo Won-shik called stablecoins a key driver of digital finance innovation and pledged to support the creation of related frameworks.

Speaking in a congratulatory address at a policy seminar held on November 5 at the National Assembly Members’ Office Building in Yeouido, Seoul, to mark the publication of “The Future of Money, the Stablecoin Revolution,” Woo said money has long been the engine of economic innovation and is now entering another major turning point in the digital era.

He traced the evolution of money from metal coins to paper currency and credit cards, and said digital currencies represent a new shift that will fundamentally change how capital moves and is used. He stressed that stablecoins are at the center of that change.

Woo also highlighted the potential economic impact of a won-backed stablecoin. Citing expert analysis, he said its introduction could generate about $25.9 billion in annual economic value in areas including asset tokenization and artificial intelligence payments.

He also pointed to the global race over digital currencies. The U.S. has moved to institutionalize stablecoins through legislation, while Europe, Japan and Hong Kong are also rushing to put related systems in place. South Korea, he said, should leverage its strength as an information-technology powerhouse to emerge as a leader in digital finance.

“South Korea is an IT powerhouse and a digital leader,” Woo said. “If it secures leadership in digital currencies based on these strengths, that could provide momentum for the country to emerge as a leader in finance as well.”

He added that the National Assembly would do its best to reflect the ideas and insights presented at the seminar in policy so the country can shape the right direction for digital currency innovation together with the public.

Suehyeon Lee