Korean Card Firms Scramble to Maintain Footing Amid Won-Based Stablecoin Push

Korean card firms scramble to maintain footing amid won-based stablecoin push

The credit card industry is forming a joint task force and taking other measures in response to a perceived threat to its position in the payments market amid growing discussions of the introduction o...

South Korea Advances Won-Based Stablecoin Legislation as Dollar Dominance Concerns Mount

South Korea's ruling Democratic Party is pushing forward comprehensive legislation to enable won-denominated stablecoins, driven by concerns that the Korean currency could be marginalized in the emerging global digital finance landscape following recent US Congressional approval of dollar-pegged stablecoins.Democratic Party lawmaker Min Byung-deok has introduced three bills that would allow non-financial companies to issue won-based stablecoins …