South Korea's Top Party Demands Swift Action on KRW Stablecoins: A Crypto Power Move

Democratic Party's Urgent Call to Action

Hang onto your hats, folks! The biggest political powerhouse in South Korea is not messing around—they're pushing for the government to hustle up and get those Korean won-pegged stablecoins rolling, pronto! They're taking inspiration straight from the Trump playbook on stablecoin legislation.

Get this: The South Korean Democratic Party, as reported by Edaily, is on a mission. Party heavyweight and head of the Digital Asset Committee, Min Byeong-deok, is dropping bombshells, saying the global stablecoin market could soon outshine giants like AI and semiconductors. It's like he's throwing down the gauntlet!

The Race Against Time

Min isn't pulling any punches; he's screaming from the rooftops about the need to lock in KRW stablecoins ASAP. He's seeing dollar signs—believing this move will pump up the Korean won and make it a hot commodity worldwide.

“We’ve got to sprint ahead and get these stablecoins locked in before those U.S. dollar ones take over the world. It's our shot at ruling the global stablecoin game!” Min declared, full throttle.

Political Power Plays

Hold up, it gets even spicier. The Democratic Party's presidential hopeful, Lee Jae-myung, is leading the charge into the presidential race and he's all in on fast-tracking these KRW stablecoins. Insiders spill the beans that Lee's itching to beat the U.S. to the punch on this stablecoin showdown.

But here's the kicker: rushing to regulate could just beef up the giants like Circle’s USDC and Tether’s USDT, who already dominate with their U.S. dollar stablecoins. They’re making waves even in Korea's bustling markets like Dongdaemun.

“These two monsters own 90% of the U.S. stablecoin pie and they’re creeping into Korea too,” Min added, sounding the alarm.

The Legislative Race

Min's not just talking the talk; he's walking the walk. He's hustling the South Korean lawmakers to get a stablecoin bill passed, with a draft called the “Basic Act on Digital Assets.” He's been grinding through second reviews with industry hotshots and the media, gearing up to slam dunk it after the third round.

Meanwhile, across the pond, the U.S. is not sleeping on this. Their Senate just passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, or the GENIUS Act, with a whopping 66 votes. It's barreling towards a full floor vote, inching closer to becoming the first U.S. stablecoin bill on the books.