Samsung Card "Interested in Stablecoins... Looking for New Opportunities"

Samsung Card has expressed interest in stablecoins. This is based on the judgment that if the issuance and payment means of KRW stablecoins become a reality, the value chain of the domestic payment industry itself could be reorganized.

Lee Woo-sung, Executive Director of Samsung Card, stated at the 'Design Blueprint for KRW Stablecoin for Digital G2' seminar held at Hashed Lounge in Gangnam-gu, Seoul on the 28th, "Recently, reports related to stablecoins have been continuing in Korea, so Samsung Card is also watching this with interest."

Executive Director Lee said, "Interest in KRW stablecoins is growing, but there are still no clear guidelines in Korea. In this uncertainty, there is a significant burden on businesses no matter what they do," and "As a result, while foreign stablecoins are being used in Korea, Korean players are unable to enter the market institutionally. The sense of crisis within the industry is growing," he expressed concern.

He continued, "(Stablecoin) payment business is an industry that can change the value chain of the industry," and "Clear regulatory establishment is necessary. Samsung Card is also continuously learning and preparing for stablecoins," he added.

He also gave advice on the method of stablecoin regulation. Executive Director Lee said, "It is desirable to start with a narrow scope of regulation at first and then introduce supplementary measures step by step if side effects occur," and "Regulations should be organized in a way that practical benefits can return to domestic businesses."

He added, "At the same time, interoperability with global stablecoins should be considered so that it can lead to new business opportunities," and "Samsung Card will also continue to research and analyze stablecoin-related content and seek new business opportunities."