Chairman Seo Sang-min Warns of Delays in South Korea's Stablecoin Legislation

Seo Sang-min, chairman of the Kaia DLT Foundation, emphasized that Asian countries are accelerating the issuance and commercialization of stablecoins based on their national currencies, urging South Korea to expedite related legislation. Speaking at the 'Block Festa 2026' held in Yeouido, Seoul, on the 1st, he pointed out that while South Korea is busy preparing legislation, other countries have already commercialized stablecoins. According to Chairman Seo, 99.4% of the total stablecoin issuance is linked to the dollar, and the Korean won has not yet been included. Japan commercialized the yen-based stablecoin JPYC last October, and Hong Kong granted its first issuance approval in April this year. Chairman Seo mentioned that it is nearly impossible for South Korean stablecoin startups to receive investments of 60 billion KRW. Kaia's pilot results for remittances using the won-based stablecoin, conducted with KB Kookmin Bank, showed that costs were reduced by approximately 87% compared to traditional bank remittances, and the remittance time was shortened to within one minute. However, he emphasized that the practical use of stablecoins for physical payments remains limited, and infrastructure to support remittances, currency exchange, and settlement is necessary. The United States has already entered the competition for stablecoin infrastructure, and he warned that South Korea must prepare legislation and infrastructure simultaneously.

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