National Assembly Speaker Cho Jung-sik Says Stablecoins Key to Digital Finance Innovation

National Assembly Speaker Cho Jung-sik described stablecoins as central to digital finance innovation and said he would work to establish the necessary framework for the sector.

Speaking in a congratulatory address at a policy seminar marking the publication of “The Future of Money, the Stablecoin Revolution” at the National Assembly Members’ Office Building in Seoul’s Yeouido on Nov. 5, Cho said money had long served as a driver of economic innovation and was now entering another major turning point in the digital era.

He traced the evolution of money from metal coins to paper currency and credit cards, and said digital currencies represent a new shift that will fundamentally change how capital moves and is used. He emphasized that stablecoins are at the center of that shift.

Cho also expressed optimism about the economic impact of a won-backed stablecoin. Citing expert analysis, he said its introduction could generate about 36 trillion won, or about $26 billion, in annual economic value in areas including asset tokenization and artificial intelligence payments.

He also pointed to intensifying global competition in digital currencies. The U.S. has enacted related legislation and moved to institutionalize stablecoins, while Europe, Japan and Hong Kong are also rushing to put relevant systems in place. South Korea, he said, should use its strength as an information technology powerhouse to emerge as a leader in digital finance.

“South Korea is an IT powerhouse and a digital leader,” Cho said. “If we secure leadership in digital currencies based on those strengths, it will provide momentum for the country to become a leading nation in finance as well.”

He added that the National Assembly would do its best to reflect the ideas and insights presented at the seminar in policy so the country can shape the right direction for digital currency innovation together with the public.