*This report is co-authored by Hashed Open Research, Four Pillars and Hyobong Kim from Bae, Kim & Lee LLC.

Stablecoins have expanded well beyond blockchain markets, exceeding $200 billion in issuance across 100+ million wallets in 2024. Notably, Tether ranks 19th in U.S. Treasury holdings and is projected to surpass South Korea's holdings by 2025.

The growing influence of stablecoins and rising USD stablecoin volumes on Korean exchanges pose significant challenges for regulation and monetary sovereignty. As the dollar maintains dominance, KRW usage in the digital economy will diminish if stablecoins further integrate with the real economy.

This report, co-authored by Hashed Open Research, Four Pillars, and Hyobong Kim, provides comprehensive analysis from global trends to practical domestic legislative approaches.

With the U.S., EU, Singapore, and Hong Kong already establishing regulatory frameworks, Korea must urgently secure regulatory initiative and preserve KRW usability. We hope this report initiates meaningful discussions on domestic stablecoin regulation and KRW stablecoin implementation.

Table of Contents

• Stablecoin: Future of Money (Yongbum Kim, Hashed Open Research)

• Growing Stablecoin Market: Challenges And Opportunities For Korea (@pillarbear_, @FourPillarsKR / @FourPillarsFP)

• Proposal For Domestic Stablecoin Legislation (Hyobong Kim, Bae, Kim & Lee LLC)