The Seoul-based brokerage described the rise of stablecoins as a shift “from theme to trend,” signaling a structural change in how markets view these blockchain-based assets.
The report pointed to a confluence of factors — regulatory reforms, growing institutional interest, and the possible issuance of won-backed stablecoins — that could accelerate South Korea’s transition into a more digitally integrated financial system.
“Financial history has alternated between phases of centralization and decentralization,” said Kim Du-un, an analyst at Hana Securities. “We’re now in a transitional period where traditional and digital finance are beginning to coexist. While the balance of power remains unclear, these periods have historically offered rare opportunities — and stablecoins are emerging as one of them.”
Stablecoins, typically pegged to government-issued currencies like the U.S. dollar or the euro, have gained popularity worldwide for enabling faster and cheaper transactions while mitigating the volatility often associated with cryptocurrencies like Bitcoin or Ethereum.
The report comes amid a flurry of legislative activity in Seoul, where ruling Democratic Party lawmakers have introduced new digital asset bills that expand on President Lee Jae Myung’s campaign promises to modernize the country’s approach to cryptocurrency.
South Korea’s regulatory posture is developing in parallel with moves in other major economies.
In the United States, Congress passed an act on June 17 — its most comprehensive digital asset legislation to date — aimed at securing a strategic foothold in the global stablecoin market. While details of its coordination with existing financial laws remain under discussion, implementation is expected within the year.
The European Union, meanwhile, has already adopted a regulation, which went into effect last year, laying the groundwork for cross-border compliance and investor protection in the bloc’s growing crypto markets.
reporter
Kim Dong-young
davekim0807@ajupress.com
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