Min Byung-deok, Lee Jun-seok: “A won stablecoin combined with Korea-style IP will drive financial innovation”

Origin Summit hosted by IP blockchain infrastructure firm Story

Min Byung-deok: “Combined with Korea-style IP, it will beat dollar stablecoins”

Lee Jun-seok: “Financial innovation is possible...risk management must come first”

There is growing optimism that if a won-denominated stablecoin is combined with Korea-style intellectual property (IP), it could become a new paradigm that reshapes national competitiveness beyond mere financial innovation. The view is that if a won stablecoin takes hold as a payment and settlement infrastructure amid the global expansion of K-pop and the content industry, it could strengthen Korea’s digital monetary sovereignty and secure next-generation growth engines.

At the global blockchain conference 'Origin Summit' held on the 23rd at Anderson C Seongsu in Seongdong-gu, Seoul, Min Byung-deok, a lawmaker from the Democratic Party of Korea, and Lee Jun-seok, leader of the Reform Party, said in unison during a panel discussion themed 'Won Stablecoin: Building a Korea-style Digital Dollar' that “a won stablecoin can open a new financial paradigm by combining with Korea-style IP and payment infrastructure,” adding that “stability and the establishment of an institutional foundation are crucial to make that happen.”

Min Byung-deok: “A won stablecoin combined with Korea-style IP is a weapon to expand Korea’s economic reach”

Rep. Min stressed the strategic value of a won stablecoin, along with the need to institutionalize it. “The dollar-based stablecoin frenzy is already sweeping the world like a tsunami,” he said. “We shouldn’t be swept away by that wave—we should ride it. A won stablecoin is not merely a defensive tool; it is a weapon to expand Korea’s economic reach,” he emphasized.

In particular, Min said that a won stablecoin could build independent competitiveness in the global market if combined with Korea-style IP. “Going forward, a variety of won stablecoin models specialized for specific industries and content could emerge,” he said. “If sector-by-sector stablecoins are created—for areas such as healthcare, performances, and K-pop fandom—Korea can secure an edge in a way different from the U.S. If that happens, we can beat dollar stablecoins—so-called ‘dalsco,’” he said confidently.

He also underscored the importance of the speed of institutionalization and preempting the market. “In the early days of the internet, people found it unfamiliar, but now it has become an essential part of our lives,” he said. “In the end, what matters is habituation. That’s how you can preempt the market.” He added, “Financial authorities can take responsibility for stability,” and said, “To avoid missing this opportunity, rapid institutionalization and development led by innovative companies are important.”

He also mentioned the role of the National Assembly. “It is our duty to swiftly push forward institutionalization for the issuance of a won stablecoin,” he said. “We will support the market by having the National Assembly exercise institutional leadership—for example, by converting already-circulating local currencies into a won stablecoin,” he added.

Lee Jun-seok: “A won stablecoin will transform payments...preventing depegging is key”

Lee agreed on the need to institutionalize a won stablecoin, but stressed the importance of risk management. “Negative perceptions of stablecoins spread after the Terra-Luna incident, but it is clear that collateral-backed stablecoins are more stable than algorithmic ones,” he said, while noting, “That still doesn’t guarantee depegging won’t occur.”

He also carefully pointed to issues of collateral management and reserve requirements. “Traditional banks manage risk through reserve requirements, but in the case of stablecoins, problems can arise at any time depending on the standards for recognizing collateral,” Lee said. “For a won stablecoin to firmly take root within the regulated system, stable collateral management and depegging-prevention mechanisms are essential,” he emphasized.

As for the value of a won stablecoin, he said it has the potential to transform payment and settlement structures across Korean industry. “Existing credit card and debit card networks have long settlement cycles, which shifts FX risk onto consumers. If a won stablecoin is introduced, real-time FX conversion and settlement will become possible on a minute-by-minute basis, delivering direct cost-saving effects,” he said. “In particular, if a won-stablecoin-based payment system takes hold in areas such as K-pop merchandise and global IP sales, it will bring enormous benefits to Korea’s content industry,” he projected.

He continued, “New financial models are also possible, such as providing incentives depending on specific use cases. New services could emerge across various areas, including local government welfare spending, fandom staking, and IP-based rewards,” adding, “The National Assembly and the government must clarify the institutional status of stablecoins so innovation can occur without market confusion.”