"Stablecoins to become central to global financial restructuring… 'Must break away from dollar dominance'"

A claim has been made that stablecoins (virtual assets pegged to fiat currencies) are emerging as a new pillar of global finance. While the payment efficiency and potential to increase financial inclusion of stablecoins were highly evaluated, the threat to monetary sovereignty posed by the spread of dollar-based stablecoins was pointed out as a risk.

On the 30th (Korean time), a panel discussion on the theme 'Stablecoins and Cross-Border Innovation' was held as part of the APEC CEO Summit side event 'Future Tech Forum: Digital Assets' at the Gyeongju Arts Center. The panel was chaired by Yoon Seon-ju, Chief Brand Impact Officer of Dunamu, and featured Lu In, Head of APAC Business Development at the Solana Foundation; Paul Blustein, financial journalist; and Michael Casey, Senior Advisor for the Digital Currency Initiative at MIT Media Lab.

All panelists agreed that stablecoins have grown into a tool that connects global finance and blockchain, no longer just a technical experiment.

First, Lu In said, "Stablecoins are the money of the internet age and will naturally combine with artificial intelligence (AI) to form new payment infrastructure," and added, "Each country should issue stablecoins based on its own currency to create practical use cases."

Michael Casey also said, "If AI combines with a dollar-centered monetary system, the homogenization of global finance could accelerate," and stated, "We should use blockchain technology to build a more inclusive and autonomous global payment ecosystem."

However, there was also an opinion that the current structure in which dollar stablecoins dominate the market is undesirable.

Paul Blustein criticized, "When dollar stablecoins first appeared, they were noted as a new currency for decentralization, but recently dollar stablecoins have paradoxically become a tool that strengthens U.S. hegemony." He added, "The dominance of dollar stablecoins in global markets also risks weakening the monetary sovereignty of other countries," and emphasized, "Each country must restore balance through its own stablecoins."

The need for a 'won-based stablecoin,' which has emerged as a major topic in digital assets this year, was also mentioned. Lu In said, "Korea, with its well-established payment infrastructure, can have a won-based stablecoin become a new driver of cross-border transactions and financial innovation," and added, "The government and the private sector should cooperate to create practical use cases." He continued, "If won-based stablecoins are used in corporate bond issuance or payment settlements, demand will naturally form, and this could become one pillar of Korea's economic growth."