Hegemony Rivalry Spreading to Capital Markets

Market Column

As the era of artificial intelligence (AI) accelerates in earnest, the global hegemony rivalry is expanding beyond technology into capital and financial systems. The United States is stepping up efforts to build new financial infrastructure, including stablecoins, to preserve dollar dominance and secure an edge in the AI technology race. The U.S. Senate recently passed a bill defining stablecoins as digital currency-like assets, codifying at the federal level issuance requirements, reserve standards, and anti-money-laundering rules.

Major Wall Street financial institutions are also moving. Jamie Dimon, CEO of JPMorgan Chase, acknowledged the practical utility of blockchain and stablecoins and announced plans to participate in the market. JPMorgan plans to introduce its proprietary stablecoin, “JPMD,” on a limited basis for bank clients, providing 24/7 payment and interest payment services. Citigroup is also reviewing the possibility of issuing its own stablecoin to expand digital payments.

Korean companies and financial firms are responding as well. Samsung is considering an equity investment in virtual asset exchange Dunamu and entry into the stablecoin payments business. Mirae Asset Securities is pushing ahead with the development of a blockchain-based virtual asset wallet and is working on tokenization of real-world assets and the buildout of a digital asset management system.

Experts assess that a new paradigm is emerging in which AI-driven technological innovation and shifts in financial infrastructure are unfolding simultaneously. Alongside the technology race, competition for capital is also expected to intensify. Korea’s capital market has reached a point where structural reform is needed to respond to these changes. Investors should read the evolving currents of capital markets amid the AI era and the transition to digital finance, and prepare new investment strategies.

Park Byung-chang, Director, Wealth Management Strategy Department, Kyobo Securities