Min Byung-duk Urges Faster Launch of Won Stablecoin Ahead of US GENIUS Act, Says 200-Plus Tokens Are in the Pipeline

Rep. Min Byung-duk of the Democratic Party said South Korea should accelerate the introduction of a won-denominated stablecoin to counter the spread of dollar stablecoins. As the US moves to foster digital assets as part of national financial infrastructure spanning payments, the Treasury market and capital markets, South Korea also needs to act to protect its financial sovereignty and industrial competitiveness.

Min made the remarks in a welcoming address at a seminar held on July 15 at Hotel Naru Seoul MGallery in Seoul titled "US Digital-Asset Hegemony Strategy and South Korea's Response." He said a won stablecoin would be central to financial sovereignty that safeguards South Korea's industrial competitiveness.

"On the surface, this may look like a regulatory overhaul for digital assets, but in essence it is a digital expansion of the financial order," Min said. "The US sees digital assets as a matter of national strategy."

Last month, Min, Rep. Park Min-kyu and Rep. Kang Min-guk visited Washington, DC, and New York, where they met with the US Congress, the White House, regulators, exchanges, custodians and stablecoin issuers.

Based on that trip, Min said the US is integrating payments, the Treasury market, capital markets, custody, cross-border settlement and industrial policy into a single financial infrastructure.

He also said South Korea needs to step up its domestic response because the GENIUS Act, US legislation regulating stablecoins, is due to take effect on Jan. 18, 2027.

"More than 200 stablecoins are currently known to be in preparation," Min said. "At least dozens of stablecoins will win approval and pour into the global market."

He said opportunities would move overseas if technology is ready but rules lag behind, or if demand exists without the infrastructure to support it. That is why institutional reforms need to be put in place quickly, he added.

Min also raised concerns about the impact of dollar stablecoins on South Korea's domestic payments market. The global stablecoin market has already exceeded $300 billion, he said, while the digital-dollar market formed by Tether's USDT and Circle's USDC totals more than $250 billion.

"An increase in dollar stablecoins is a sign that dollar payment networks are being laid down as the basic infrastructure of the digital economy," he said. "Once a payments market is lost, it is difficult to regain it."

Min said South Korea needs a won stablecoin so it can connect with the dollar-based digital order while preserving the foundations of the country's payments, settlement, data and industry in won. A realistic response will require an accurate reading of the US digital-asset strategy, he added.

The seminar was organized to discuss the outlook for digital-asset legislation in the second half of 2026 with lawmakers who visited the US last month. Min and Park attended the event.