A new research report by think tank Hashed Open Research and Four Pillars calls for stablecoins to be recognized as payment tools and investment assets, urging the development of a comprehensive regulatory framework to address their dual nature.
The study suggests that issuing a stablecoin pegged to the Korean won (KRW) could give South Korea a competitive edge in the global stablecoin landscape.
Published on March 24, the report suggests that launching a won-based stablecoin could improve digital transaction efficiency in South Korea and connect its crypto market with global digital asset ecosystems. This strategic initiative may position the country as a leader in digital finance innovation and address structural inefficiencies in the Korean crypto market, fostering the growth of emerging fintech industries. Additionally, Hashed Open Research highlights that the high liquidity of Korean exchanges could give a KRW stablecoin a competitive advantage over other fiat-backed alternatives like the yen or euro.
The report also highlights that promoting won-pegged stablecoins in South Korea could enhance the digital finance ecosystem but may also increase risks from dollar-based stablecoins like Tether and USD Coin, potentially leading to capital outflows and financial instability. Hashed Open Research recommends a comprehensive regulatory framework recognizing stablecoins as payment instruments and investment assets to mitigate these risks. It suggests allowing banks and non-bank entities to issue stablecoins with strict licensing and security requirements. Additionally, it calls for domestic regulation of foreign-issued KRW stablecoins and equivalent regulatory standards for foreign stablecoins pegged to other fiat currencies.
A related development report by on-chain analytics platforms Artemis and Dune titled “The State of Stablecoins 2025: Supply, Adoption & Market Trends” highlights a 53% increase in active stablecoin wallets, growing from 19.6 million to 30 million between February 2024 and February 2025. This surge is attributed to increased user engagement and emphasizes stablecoins’ importance in connecting traditional finance with the crypto ecosystem.
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