South Korean Lawmaker Urges Rapid Won‑Backed Stablecoin to Protect Payment Sovereignty

South Korean lawmaker Min Byoung‑duk (Democratic Party) urged the government to speed up stablecoin legislation and implement a won‑pegged stablecoin to protect national payment sovereignty. Speaking at the Global Business Forum in Seoul, Min warned that dollar‑pegged stablecoins are increasingly used in cross‑border payments, trade settlement and remittances, and that Korean firms — including SMEs — are already paying overseas workers and exploring dollar‑denominated stablecoins for international settlements. He argued the policy debate should move from whether to adopt stablecoins to how to implement them, calling for cooperation between regulators and traditional financial institutions and for a legal framework that balances consumer protection and AML with broader digital asset classification. Min proposed a won‑backed stablecoin with distinct domestic use cases (for example, cultural payments or SME services) to capture market share and retain oversight of Korea’s payment infrastructure before foreign stablecoins become entrenched. This signals potential regulatory action and product development that traders should monitor for implications on stablecoin markets, FX flows and regulatory risk in the region.