Rapidly Growing 'RWA·Stablecoins'... Korea Stuck in Regulatory Void

'RWA' Market Surpasses 7 Trillion Won... BlackRock and Fidelity Enter

Trump Promotes 'Stablecoins' as a Means of Dollar Hegemony

Korea Still in Regulatory Void... "Must Hurry"

'RWA (Real World Asset Tokenization)' and 'Stablecoins' are emerging as the two main drivers of the global virtual asset (cryptocurrency) industry. With institutional and private sector-led expansion of real-world use cases and regulatory improvements centered in the U.S., they are being recognized as key infrastructure connecting traditional finance and virtual assets. In contrast, Korea remains in a regulatory void, lagging behind the global trend.

RWA refers to the tokenization of real-world assets such as real estate, government bonds, gold, and stocks on the blockchain, allowing them to be distributed and traded like digital assets. This allows for easier division of ownership of existing assets, faster transaction speeds, and increased accessibility.

Stablecoins are virtual assets that minimize price volatility by pegging their value to fiat currencies like the dollar or gold. Recently, they have also been serving as practical financial assets by using U.S. Treasury bonds as reserves, emerging as an important means of connecting traditional finance and digital assets.

Wall Street Enters the RWA Market... Surpasses 7 Trillion Won

The RWA market is rapidly growing with the entry of traditional financial giants like BlackRock and Fidelity. BlackRock, the world's largest asset manager, jointly launched a U.S. Treasury-based tokenized fund 'BUIDL' with Securitize, and the fund's management scale recently surpassed $1.7 billion (about 2.5 trillion won). The overall RWA market size has nearly doubled in six months, surpassing $5 billion (about 7.35 trillion won) as of the 25th.

Fidelity has completed an application for approval with the U.S. Securities and Exchange Commission (SEC) to launch 'Fidelity Treasury Digital Liquidity,' a tokenized money market fund. Virtual asset manager Grayscale also highlighted the expansion potential of the RWA industry in its recent quarterly report, stating, "RWA should be noted by 2025."

RWA is also expected to benefit from the pro-virtual asset policies of U.S. President Donald Trump. The decentralized finance (DeFi) project World Liberty Financial (WLFI), in which the Trump family is the largest shareholder, is reportedly considering integrating OnDo Finance's U.S. Treasury-based tokenized assets 'USDY' and 'OUSG' as financial reserve assets.

Stablecoins Expected to Surpass $1 Trillion Within the Year

The stablecoin market is also rapidly growing. According to on-chain data platform Glassnode, as of the 28th, the total supply of the top five stablecoins, including Tether (USDT) and USD Coin (USDC), reached an all-time high of $219 billion (about 320 trillion won). This is about a 22-fold increase compared to 2021.

David Pakman, managing partner at CoinFund, stated, "The current stablecoin supply of about $220 billion could expand to $1 trillion within the year," adding, "Although still small compared to traditional finance, it signifies a structural shift in the blockchain industry."

The U.S. government also views stablecoins as a strategic means to maintain dollar hegemony and is accelerating regulatory improvements. Most dollar-based stablecoins contribute to expanding demand for Treasury bonds by purchasing large amounts of U.S. Treasury bonds as reserves. Currently, dollar-based stablecoins account for over 80% of the total market.

The U.S. Senate and House are each proposing the 'GENIUS Act' and the 'STABLE Act' and are conducting legislative discussions. President Trump also expressed clear support for stablecoins, stating at the 'Crypto Summit' held at the White House in March, "I hope the stablecoin regulatory proposal will be prepared by August."

Korea Stuck in Regulatory Void... "Must Act Before It's Too Late"

In contrast, Korea is still lacking in the preparation of systems related to RWA and stablecoins. The 'Virtual Asset User Protection Act (Phase 1 Law)' passed by the National Assembly last year focuses only on investor protection, which is a limitation. The Financial Services Commission is pursuing a Phase 2 law containing specific details related to RWA and stablecoins, aiming for the second half of this year, but the industry points out that "it must hurry."

Virtual asset data analysis company Populous expressed concern in a report on the 3rd, stating, "While the trading volume of stablecoins is rapidly increasing in Korea, the related regulatory system is still insufficient," and "If the trend of leaving Korea continues, it could lead to a decrease in the usability of the won and a weakening of the domestic market's competitiveness."

They further emphasized, "Won-based stablecoins could be a strategic means for the government to secure regulatory leadership and enhance the usability of the won," and "Prompt regulatory improvements and the establishment of a system foundation are necessary to enhance the competitiveness of the domestic digital asset ecosystem."

Kim Jun-hong, CEO of Fair Square Labs, stated, "As the inflow of dollar-based stablecoins into the domestic market becomes more active, the issuance and distribution system of won-based stablecoins must also be prepared as soon as possible," and "There is a need for a structure design that ensures independence and compatibility while regulating offshore-issued stablecoins."

Lim Jeong-geon, CEO of Elysia, pointed out, "The global RWA market is rapidly growing under the leadership of institutional investors, but Korea is unable to take a step forward due to institutional uncertainty," and "The STO (Security Token Offering) guidelines announced by the financial authorities in 2023 have also returned to a de facto regulatory void due to the lack of follow-up legislation."

He added, "The vicious cycle of not being able to define what RWA is and therefore not being able to conduct business, and not being able to define it due to lack of experience, is repeating," and "The government must officially define the RWA industry and establish a sustainable commercialization foundation by setting experimental areas."